Zydus Lifesciences acquires 6.5% stake in Mylab for Rs 106 Cr

Ahmedabad-based Zydus Lifesciences has bought a 6.5% stake in biotech firm Mylab Discovery Solutions from Rising Sun Holdings Pvt Ltd, an investment company owned by Adar Poonawalla.

Zydus acquired 65.06 lakh equity shares, having a face value of Re 1 each, at a consideration of Rs 106 crore, representing 6.5% of the total paid-up equity share capital of Mylab, the company said in a regulatory filing.

The acquisition represents the collective vision to transform healthcare by combining therapeutic expertise in human formulations and the diagnostic capabilities of the two companies, Zydus said in a statement.

The collaboration will open up new possibilities for advancements in precision medicine, personalised treatment, and preventive care. It will also foster innovation, promote cross-disciplinary collaboration, and pave the way for new discoveries and therapies, it added.

“The research and development capabilities of Zydus in therapeutics, combined with the R&D expertise of Mylab in diagnostics, along with Zydus's last-mile access, have the potential to bring decentralised healthcare solutions to the masses," said Hasmukh Rawal, Managing Director, Mylab.

"By focusing on decentralised healthcare, the companies can empower individuals, healthcare providers, and communities with timely and accurate diagnostics, effective treatments, and localised healthcare services," he added.

“It is the first time in India, a pharmaceutical company, a diagnostic company, and a vaccine manufacturer, joined forces with each other," said Sujit Jain, Director of Strategy, Mylab Discovery Solutions.

"I am confident that this partnership will revolutionise the way diseases are diagnosed, treated, and prevented,” he added.