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Cipla to acquire 21.05% stake in Achira Labs

Cipla to acquire 21.05% stake in Achira Labs

June 18, 2022 11:54 IST | capital market
Cipla announced that that it has signed definitive agreements for acquisition of 21.05% stake (on a fully diluted basis) for an amount of Rs 25 crore (approx.) in Achira Labs (hereafter referred to as Achira) engaged in development and commercialization of point of care (PoC) medical test kits in India. This investment will facilitate a Cipla entitys strategic participation in the Poe diagnostics and AMR space through the design, development, and manufacturing of microfluidicsbased technologies. A Poe that enables rapid identification of the bug causing an infection would be extremely helpful in choosing the appropriate antibiotic early in the treatment process. Achira is developing POC immunoassays and molecular assays across the clinical areas of infectious diseases, anti-microbial resistance (AMR) and hormone analysis among others. The transaction is expected to be complete within 60 days from the signing of definitive agreements or such other date mutually agreed between the parties and will be subject to conditions precedent set out in the definitive agreements. Powered by Capital Market - Live News

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