Zydus Lifesciences, through a wholly-owned subsidiary, has decided to acquire a 6.5% equity stake in biotechnology company Mylab Discovery Solutions for ₹106 crore.
The proposed investment will help Zydus participate in the growing diagnostics space which is expected to witness increased penetration through in-clinic solutions with ‘point of care’ testing devices, the company said in a filing on Zydus Animal Health and Investments signing a share purchase agreement with Rising Sun Holdings and Mylab Discovery Solutions to acquire a little over 65 lakh shares.
Mylab is into research, development as well as manufacturing and marketing of in-vitro diagnostics kits, equipment, reagents and related therapeutic products linked to its diagnostic portfolio, and offers portfolio solutions to other labs and hospitals. In the fiscal ended March, it clocked a turnover of ₹95 crore.