Pharos Capital Group LLC has acquired a majority stake in TechLab, a manufacturer of diagnostic tests for gastrointestinal diseases, from Alere Inc. (NYSE: ALR) and the target’s founders.

TechLab produces technology, like its Quik Check product line, that tests results for health conditions like E. coli, inflammatory bowel disease, irritable bowel syndrome and other illnesses contracted from hospitals in less than 30 minutes. The company was founded by doctors Tracy Wilkins and David Lyerly, who will remain with the company and keep a minority stake. While both founders will join the board, Wilkins will become an adviser to the company and Lyerly will continue his role as chief scientific officer.

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