Zydus Lifesciences Limited, a global life sciences company, has acquired a 6.5 per cent stake in Mylab Discovery Solutions for Rs 106 crore.

The acquisition was done through its wholly owned subsidiary, Zydus Animal Health and Investments Limited (ZAHIL) and was from Rising Sun Holdings, an investment company owned by entrepreneur Adar Poonawalla. 

Mylab is engaged in researching, developing, manufacturing, marketing and selling in-vitro diagnostics kits, equipment, reagents and related therapeutic products linked to its diagnostic portfolio and providing portfolio solutions to other labs and hospitals. Based on provisional financial statements, its turnover for the year ended March 31, 2023, stood at Rs 95 crore. 

Mylab's business got a shot in the arm during the pandemic when healthcare workers and home users used its COVID-19 self-testing kits. This is reflected in its turnovers, which were Rs 825 crore for FY 20-21 and Rs 260 crore for FY 21-22. 

The acquisition will help Zydus Lifesciences to participate in the growing diagnostics space, which is expected to witness increased penetration through in-clinic solutions with Point of Care (POC) testing devices. According to GlobalData India's POC analysers market is expected to be the fastest-growing in the Asia-Pacific region and is likely to be worth $70 million by 2030. The increasing adoption of molecular diagnostics, an ageing population, and a growing disease burden will drive the growth.

Hasmukh Rawal, managing director of Mylab, said, "The research and development (R&D) capabilities of Zydus in therapeutics, combined with the R&D expertise of Mylab in diagnostics, along with Zydus' last-mile access, have the potential to bring decentralised healthcare solutions to the masses. By focusing on decentralised healthcare, the companies can empower individuals, healthcare providers, and communities with timely and accurate diagnostics, effective treatments, and localised healthcare services."

Sujit Jain, director of strategy at Mylab Discovery Solutions, said, "It is the first time in India a pharmaceutical company, a diagnostic company, and a vaccine manufacturer join forces. I am confident that this partnership will revolutionise how diseases are diagnosed, treated, and prevented."

The collaboration will focus on precision medicine, personalised treatments, and preventive care. It will foster innovation, promote cross-disciplinary collaboration, and pave the way for newer discoveries and therapies.