To develop affordable, innovative medical kits in India
Cipla has signed definitive agreements for the acquisition of a 21.05 per cent stake (on a fully diluted basis) for an amount of Rs 25 crores in Achira Labs engaged in the development and commercialisation of point of care (PoC) medical test kits in India.
This investment will facilitate a Cipla entity’s strategic participation in the PoC diagnostics and AMR space through the design, development, and manufacturing of microfluidics-based technologies. A PoC that enables rapid identification of the bug causing an infection would be extremely helpful in choosing the appropriate antibiotic early in the treatment process. Achira is developing POC immunoassays and molecular assays across the clinical areas of infectious diseases, anti-microbial resistance (AMR) and hormone analysis among others.
Commenting on the development, Achin Gupta, CEO, One India Business, Cipla said, “This investment will further our commitment to bringing innovative, affordable and quality diagnostic solutions for all. We are guided by our purpose of Caring for Life and will continue to make strategic investments to ensure access to point of care test solutions.”
The transaction is expected to be complete within 60 days from the signing of definitive agreements or such other date mutually agreed between the parties and will be subject to conditions precedent set out in the definitive agreements.
