The Zydus Lifesciences arm would purchase a 6.5% share in Mylab for Rs 106 crores

26 Jun 2023 , 12:40 PM

On Saturday, Zydus Lifesciences Ltd said that it will pay Rs 106 crore to acquire a 6.5% share in Mylab Discovery Solutions Private Ltd.

‘…we hereby inform that Rising Sun Holdings Private Ltd and Mylab Discovery Solutions Private have entered into a Share Purchase Agreement with Zydus Animal Health and Investments Ltd, a wholly owned subsidiary company of Zydus Lifesciences Ltd to acquire 65,06,500 equity shares having a face value of Re 1 each,’ Zydus Lifesciences stated in an exchange filing.

According to the provisions of the Agreement, ‘the ultimate number of shares to be held can change based on the financial performance of Mylab for the year ending on March 31, 2024,’ the business said.

The proposed investment in Mylab, according to the business, will enable Zydus to take part in the expanding diagnostics market, which is anticipated to see expanded penetration through in-clinic solutions using Point of Care Testing (POCT) equipment.

According to provisional financial records, Mylab Discovery Solutions Private reported a turnover of Rs 825 crore for the fiscal year that ended on March 31, 2021, Rs 260 crore for the fiscal year that ended on March 31, 2022, and Rs 95 crore for the fiscal year that ended on March 31, 2023.

In addition to offering portfolio solutions to other labs and hospitals, Mylab conducts research, develops, manufactures, markets, and sells in-vitro diagnostics kits, equipment, reagents, and related treatment products that are linked to its diagnostic portfolio.

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