El Monte-based lab testing and pharmaceutical company Fulgent Genetics Inc. last month simultaneously announced a pair of laboratory acquisitions for a combined total of nearly $56 million.

Fulgent said in a Dec. 22 release that it has agreed to acquire from New York-based Consonance Capital selected assets of Bako Diagnostics, a pathology laboratory headquartered in Alpharetta, Georgia.

The company simultaneously said it has agreed to purchase Lexington, Massachusetts-based dermatopathology testing services company StrataDx.

Fulgent said the total combined purchase price for both lab assets is about $55.5 million, to be paid from cash on hand. The company declined to give further breakdowns of the purchase prices. Both acquisitions are expected to close during the first half of 2026, subject to regulatory approvals and other customary closing conditions.

The purchases are meant to bolster Fulgent’s lab services business division, according to Ming Hsieh, Fulgent’s founder and chief executive.

“We are pleased to continue to build upon our laboratory services platform with the addition of Bako and StrataDx, which will further expand and strengthen our diagnostic services,” Hsieh said in the announcement.

‘Leverage our investments’

“With the addition of Bako and StrataDx, we will be able to broaden our capabilities in the pathology testing market and further leverage our investments in AI to improve efficiency and quality, which will drive continued momentum in our laboratory services business,” Hsieh added.

Hsieh founded Fulgent in 2011 as a genetic testing lab services firm. Prior to the Covid-19 pandemic, Fulgent began offering home-based genetic testing services.