Zydus Lifesciences, said through its wholly-owned subsidiary Zydus Animal Health & Investments (ZAHIL), it has acquired 6.5% stake in Pune-based Mylab Discovery Solutions from Rising Sun Holdings, an investment company owned by Adar Poonawalla for ₹106 crore.
The deal values Mylab at ₹1631 crore.
Mylab came into limelight during Covid pandemic when it developed and launched indigenous RT-PCR test kits and platform for diagnosing Covid.
The proposed investment in Mylab marks Zydus entry into diagnostics which the company expects to witness increased penetration through in-clinic solutions with Point of Care testing devices.
Mylab is engaged in the business of developing, manufacturing and selling of in-vitro diagnostics kits, equipment, reagents and related therapeutic products that are linked to its diagnostic portfolio and providing portfolio solutions to other labs and hospitals.
The company has turnover of ₹95 crore as March 31, 2023.
“This acquisition exemplifies the strong fitment and synergy among the three companies involved. It showcases how their respective expertise, capabilities, and strategic objectives align to create a powerful partnership,” said Adar Poonawalla, CEO of the Serum Institute of India.
“The research and development capabilities of Zydus in therapeutics, combined with the R&D expertise of Mylab in diagnostics, along with Zydus’ last-mile access, have the potential to bring decentralized healthcare solutions to the masses,” said Hasmukh Rawal, MD of Mylab.
The transaction is subject to the fulfilment of customary closing conditions.
Source: Economic Times