Bangalore-based Strand Life Sciences Pvt Ltd, which focuses on clinical genomics and research in biotechnology, is going through a reverse merger with a little-known NASDAQ-listed firm in the second such transaction by an Indian company to go public overseas.

As part of the latest deal, shareholders of Strand will acquire a 68 per cent stake in US-based Venaxis Inc for an undisclosed amount. The current shareholders of Venaxis will own about 32 per cent in the merged company, the NASDAQ-listed firm said in a statement.

Ballard Spahr is legal counsel to Venaxis.