Zydus Lifesciences announced on June 23 that it will acquire 6.5 per cent equity stake in Mylab Discovery Solutions Limited for ₹106 crore. The deal is a share purchase agreement of Zydus Animal Health and Investments, a wholly-owened subisdiary of Zydus Lifesciences with Rising Sun Holdings and Mylab Discovery Solutions.
‘’Zydus Animal Health and Investments, a wholly-owned subsidiary company of Zydus Lifesciences has entered into a share purchase agreement with Rising Sun Holdings Private Limited and Mylab Discovery Solutions Private Limited to acquire 65,06,500 equity shares having face value of Re. 1 each at an agreed consideration of ₹106 crore representing 6.5 per cent of the total paid-up equity share capital of Mylab from the seller,” said Zydus Lifesciences in a regulatory filing to the stock exchanges on June 23.
‘’The ultimate number of shares to be held can change, as per the terms of the agreement, based on the financial performance of Mylab for the year ending on March 31, 2024,” added Zydus Life.
The indicative time period for the completion of the acquisition will be two months from the date of signing the share purchase agreement for acquiring of 65,06,500 equity shares of Mylab from the existing shareholder.
Mylab is engaged in the business of researching, developing, manufacturing, marketing and selling 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. Mylab had a turnover of Rs. 95 crore for the year ended March 31, 2023, based on provisional financial statements.
The proposed investment in Mylab will help the company to participate in growing diagnostics space which is expected to witness increased penetration through in-clinic solutions with point of care testing devices.