Other Private Equity/Strategic Investments
Cipla hikes stake in point-of-care testing firm Achira Labs to 27%
Listed drugs maker Cipla is investing INR 26 crore in optionally convertible preference shares of Bengaluru-based Achira Labs. The investment will be made in four tranches, subject to completion of certain milestones. Following the completion of the first tranche of investment, Cipla will hold 27.27% of the total voting rights in Achira.Achira Labs, founded by Dhananjaya Dendukuri, is into development and commercialization of point of care (PoC) medical test kits in India. It develops medical diagnostic products using microfluidic technology that requires tiny amounts of blood samples and reagents.
In June 2022, Cipla had acquired a 21.05% stake in Achira Labs for INR 25 crore. Other investors in the company include Nadathur Holdings and Catamaran.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
