Pharmaceutical brand Cipla is set to acquire a 21% stake in Achira Labs for Rs 25 cr
- ByStartupStory | June 20, 2022
The pharmaceutical company, Cipla stated that it has inked formal agreements to buy a 21.05% share (on a fully diluted basis) in Achira Labs for Rs 25 crores in cash. Cipla announced it will pay Rs 25 crores for a 21.05% share (on a fully diluted basis) in Achira Labs, a company that develops and sells point-of-care (PoC) medical test kits in India.
This investment, according to Cipla, will enable a Cipla company to participate strategically in the PoC diagnostics and anti-microbial resistance (AMR) arena by designing, developing, and manufacturing microfluidics-based products.
A PoC that allows for fast identification of the infection-causing bug would be immensely useful in determining the best antibiotic to use early in the treatment process. Achira is working on PoC immunoassays and molecular assays in a variety of therapeutic fields, including infectious disorders, antimicrobial resistance, and hormone analyses.
Achin Gupta, CEO of Cipla’s One India Business, commented on the news saying that this investment will help us keep our promise to provide everyone with innovative, cheap, and high-quality diagnostic options. And the firm will continue to make strategic investments to enable access to point-of-care test kit solutions, informed by our mission of caring for life.
The transaction will be completed within 60 days of the signing of definitive agreements or such other date mutually agreed upon by the parties and will be subject to the conditions precedent set down in the definitive agreements. Achira is a medical diagnostics firm based in Bengaluru, India, that produces microfluidic-based medical diagnostic solutions. Achira wants to bring advanced medical testing closer to diagnosis, treatment, and management.
Cipla is a global pharmaceutical firm focused on achieving agile and sustainable growth, developing complicated generics, and expanding our portfolio in India, South Africa, North America, and other important regulated and emerging countries.
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