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.
Achiral Labs is into development and commercialization of point of care (PoC) medical test kits in India.
Cipla in June 2022 acquired 21.05% stake in Achira Labs for Rs 25 crores.
Cipla said Achira has made significant developments in the product development and R&D space.“Our decision to invest more in Achira is backed by Cipla’s commitment to advance in the PoC diagnostics space,” said Achin Gupta, CEO, One India Business, Cipla.”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,” Gupta added.
The Bengaluru-based Achira founded by Dhananjaya Dendukuri, develops regulatory approved medical diagnostic products using microfluidic technology that requires tiny amounts of blood samples and reagents.
