Cipla to futher invest up to Rs 26 crore in Achira Labs
Mumbai: Cipla Limited has announced that it has signed definitive agreements for further investment of up to Rs 26 crore (approx.) in Optionally Convertible Preference Shares of Achira Labs Private Limited, associate company (hereafter referred to as "Achira") in four tranches, subject to completion of certain milestones.
Achira is engaged in development and commercialization of point of care (PoC) medical test kits in India.
Since Cipla’s previous investment in June 2022, Achira has made significant developments in the Product Development and R&D space. Pursuant to the completion of the first tranche of investment, Cipla shall hold 27.27% of the total voting rights in Achira.
Commenting on the development, Mr Achin Gupta, CEO – One India Business, Cipla Limited said, “Our decision to invest more in Achira is backed by Cipla's commitment to advance in the PoC diagnostics space. With the aim to reduce the existing gap in the ecosystem, our strategic financing will enable Achira to commercially launch and further develop test panels. We remain committed towards providing easy access to quality diagnostic services across India.”
Achira is an ISO 13485 compliant medical diagnostics company incorporated in Bengaluru, India, that develops regulatory approved medical diagnostic products using microfluidic technology.
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