Zydus Lifesciences Acquires ₹106 Crore Equity Stake in Mylab Discovery Solutions
In a recent development, Zydus Lifesciences announced its acquisition of a 6.5 percent equity stake in Mylab Discovery Solutions Limited for a sum of ₹106 crore. This significant deal involves the share purchase agreement between Zydus Animal Health and Investments, a wholly-owned subsidiary of Zydus Lifesciences, and Rising Sun Holdings and Mylab Discovery Solutions.
According to a regulatory filing submitted by Zydus Lifesciences to the stock exchanges on June 23, “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 with a face value of Re. 1 each, for an agreed consideration of ₹106 crore. This represents 6.5 percent of the total paid-up equity share capital of Mylab from the seller.”
Zydus Lifesciences also highlighted that the final number of shares held may vary based on the financial performance of Mylab for the fiscal year ending on March 31, 2024.
The completion of this acquisition is estimated to take place within two months from the date of signing the share purchase agreement, encompassing the acquisition of 65,06,500 equity shares from the existing shareholder.
Mylab Discovery Solutions is actively involved in researching, developing, manufacturing, marketing, and selling in-vitro diagnostics kits, equipment, reagents, and related therapeutic products. These products are closely tied to its diagnostic portfolio and also provide comprehensive solutions to other laboratories and hospitals. Based on provisional financial statements, Mylab achieved a turnover of Rs. 95 crore for the year ended March 31, 2023.
About Zydus Life:
Zydus Lifesciences Limited, previously recognized as Cadila Healthcare Limited, is a prominent Indian multinational pharmaceutical firm based in Ahmedabad. It specializes in the production of generic drugs and holds a notable position as the 100th company on the Fortune India 500 list for the year 2020.
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