Zydus Animal Health and Investments Limited (“ZAHL”), a wholly owned subsidiary company of Zydus Lifesciences Limited (“Company”) has entered into a Share Purchase Agreement (“SPA” or “Agreement”) with Rising Sun Holdings Private Limited (“Seller”) and Mylab Discovery Solutions Private Limited (“Mylab” or “Target”) to acquire 65,06,500 equity shares having face value of Re. 1/- each at an agreed consideration of Rs. 106 Crores representing 6.5% of the total paid-up equity share capital of Mylab from the Seller. 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.
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 achieved a turnover of Rs. 95 Crore for the year ended March 31, 2023, based on provisional financial statements.
The proposed investment 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 (“POCT”) devices.
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