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Private equity corporation TA Associates (TA) has reached a definitive agreement to invest in Italian molecular diagnostic tools provider Diatech Pharmacogenetics (Diatech).

Under the terms of the deal, Alto Partners, a minority investor in Diatech, will completely divest its stake in the business. Financial terms of the deal have not been disclosed.

The founder and management team of Diatech will continue to hold the majority ownership of the company, forming a close partnership with TA.

TA’s funding will bolster Diatech’s ongoing efforts in advancing diagnostic solutions and reagents in the pharmacogenetics sectors.

Additionally, it will fuel the company’s worldwide expansion efforts.

TA director Lovisa Lander said: “Diatech’s comprehensive, market-leading product portfolio highlights the company’s commitment to a rigorous and differentiated research and development process that consistently drives value creation.”

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Founded in 1996, Diatech is engaged in the development, manufacturing and commercialisation of molecular diagnostic tools for precision oncology medicine.

The company provides genomics testing solutions designed to identify gene mutations and genetic variations that are targeted by cancer therapies.

The tests are aimed at enhancing the effectiveness of cancer drugs by enabling personalised diagnosis and treatments.

Diatech president and founder Fabio Biondi said: “TA offers extensive operational experience and a wide global network that will be critical as we strive to accelerate our international growth and product innovation.”

Subject to customary regulatory approval, the deal is anticipated to complete in the second quarter of this year.