Rising Sun Holdings Pvt Ltd and Mylab Discovery Solutions Pvt Ltd have entered into a Share Purchase Agreement with Zydus Animal Health and Investments Ltd (ZAHL), a wholly-owned division of Zydus Lifesciences Ltd.
Zydus Animal Health and Investments Ltd will acquire 65,06,500 fully paid-up equity shares of Mylab, each having a face value of Re 1 per share, representing 6.5 percent of Mylab's total paid-up equity share capital, under the terms of the deal. The agreed-upon purchase price for this acquisition is Rs 106 crore.
Mylab is 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, as well as providing portfolio solutions to other labs and hospitals.
The planned investment in Mylab will allow Zydus Lifesciences to engage in the burgeoning diagnostics industry, which is likely to see expanded penetration through in-clinic solutions with Point of Care Testing devices, according to a regulatory filing.
The acquisition is predicted to be finalized within two months of the share purchasing agreement being signed.
Zydus Lifesciences stated in its most recent earnings call with investors that the business is looking for chances to acquire out speciality assets in the United States, strong brands in India, and may potentially invest in some assets in Europe.
Consolidated net sales increased 30 percent year on year to Rs 5,010.60 crore in Q4 FY23, lead by key businesses--India and US formulations. The US business benefited from one-time new business possibilities as well as ramp-up in new products including gRevlimid and gTrokendi XR. In the quarter ended March 2023, net profit was down 25% year on year to Rs 296.60 crore.
