Cipla eyes 21% stake in diagnostics player Achira Labs; inventory slippages ~1%

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Cipla Limited, one of the biggest pharmaceutical players, has announced that it will acquire a 21.05% stake in Achira Labs Pvt Ltd at a price of Rs25 crore.
In this regard, Cipla has signed a definitive agreement with Achira Labs, Cipla said in a regulatory filing.

This investment will mark Cipla’s strategic participation in the field of PoC diagnostics and AMR (antimicrobial resistance) through the design, development and manufacturing of microfluidics-based technologies.

Achin Gupta, CEO of Cipla’s One India Business, said, “This investment will help us achieve our goal of providing innovative, affordable and high quality diagnostic solutions to everyone. We will continue to make strategic investments to enable access to point-of-care test kit solutions, inspired by our purpose of Caring for Life.”

A proof-of-concept (PoC) that allows the rapid identification of the disease-causing bug would be very helpful in selecting the appropriate antibiotic early in the treatment process.

This transaction will be completed within 60 days of the signing of the definitive agreement by the company.

Achira is engaged in the development and marketing of point-of-care (PoC) medical test kits in India. It is a medical diagnostic company that uses microfluidic technology to produce medical diagnostic solutions that bring complex medical tests closer to the point of diagnosis, treatment and management.

At around 10:07 am, Cipla was trading at Rs908.85 down Rs6.75 or 0.74% from its previous close of Rs915.60 on BSE. The certificate opened at Rs915.60 and hit the intraday high and low of Rs919.40 and Rs901.95 respectively.

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