Zydus Lifesciences acquires 6.5 pc in Mylab Discovery Solutions for Rs 106 cr

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Zydus Lifesciences on Monday acquired 6.5 per cent in Mylab Discovery Solutions from Rising Sun Holding Private Limited for Rs 106 crore, the company said in a press release. The deal will be completed within 15 days from the date of signing.

Mylab Discovery Solutionsis an Indian biotechnology company that produces molecular ashish detection kits in the field of medical diagnostics, drug discovery, biomedical research and agricultural genomics. It was founded in 2016 and is based in Pune. They were the first company in the country to make ID-NAT screening kits for quantitative HIV, Hepatitis B vaccine and Hepatitis C vaccines. The company by choice does not have any external investor and does not avail of government subsidies.

In March 2020 they developed the first made in India Covid-19 testing kit which has also been commercially approved by the Central Drugs Standard Control Organisation, Drug Controller General of India and Indian Council of Medical Research. The Mylab PathoDetect COVID-19 Qualitative PCR kit was developed in six weeks.

In May 2021, ICMR approved Mylabs covid home testing/self-testing kit.

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