Zydus acquires 6.5% equity stake in Indian biotech company Mylab

New Delhi: Zydus Animal Health and Investments Limited- a wholly owned subsidiary of global pharmaceutical company Zydus Lifesciences Limited on Friday announced the acquisition of 6.5 per cent equity stake in Mylab Discovery Solutions for Rs 106 crore.

The Pune-based biotechnology company is engaged in the business of researching, developing, and commercialisation of in-vitro diagnostics kits, equipment, reagents and related therapeutic products. Mylab's portfolio of in-vitro diagnostic kits covers cancer detection, blood safety, infectious diseases, genomics, veterinary Science and agro science.

According to the BSE statement, "The proposed investment in Mylab 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."