The termination is expected to be completed in 15 working days from the date of signing of the termination deed, the company statement added.
Zydus didn’t provide reasons for the termination of the investment.
ZAHL picked up a 6.5% stake in Mylab in June 2023 from Rising Sun Holdings for Rs 106 crore.
Pune-based Mylab Discovery Solutions develops and produces molecular detection kits in the field of medical diagnostics, drug discovery, biomedical research and agricultural genomics. It was founded in 2016, but hit headlines during Covid pandemic when the company became one of the earliest to produce RT-PCR testing kits and later equipment.
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The company was the first in the country to make ID-NAT screening kits for quantitative HIV, Hepatitis B vaccine and Hepatitis C vaccines.
