Cipla to purchase 21.05 percent stake in Achira Labs to develop affordable medical kits in India

Mumbai: Cipla Limited has announced that the company has signed definitive agreements for acquisition of 21.05% stake (on a fully diluted basis) for an amount of INR 25 crores (approx.) in Achira Labs Private Limited engaged in development and commercialization of point of care (PoC) medical test kits in India.

This investment will facilitate a Cipla entity's strategic participation in the Poe diagnostics and AMR space through the design, development, and manufacturing of microfluidics-based technologies. A Poe 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, Mr. Achin Gupta, CEO, One India Business, Cipla said, "This investment will further our commitment of 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 kit 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.

Achira is an ISO 13485 compliant medical diagnostics company incorporated in Bengaluru, India, that develops medical diagnostic products using microfluidic technology.

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