Cipla Limited on Thursday announced that it has signed definitive agreements for further investment of up to approximately Rs. 26 crore in Optionally Convertible Preference Shares of Achira Labs Private Limited, associate company in four tranches, subject to completion of certain milestones.
According to the company’s statement, Achira is engaged in the development and commercialization of point-of-care (PoC) medical test kits in India.
Since Cipla’s previous investment in June 2022, Achira has made significant developments in the Product Development and R&D space. According to the completion of the first tranche of investment, Cipla shall hold 27.27 percent of the total voting rights in Achira.
“Our decision to invest more in Achira is backed by Cipla’s commitment to advance in the PoC diagnostics space. 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. We remain committed towards providing easy access to quality diagnostic services across India,” Achin Gupta, CEO – One India Business, Cipla Limited said.
Achira is a medical diagnostics company incorporated in Bengaluru, India, that develops regulatory-approved medical diagnostic products using microfluidic technology.
“Achira aims to bring sophisticated medical tests closer to the point of diagnosis, treatment and management through its innovative solutions and cutting-edge research, by leveraging its state-of-the-art capabilities, strong collaborations, and deep expertise,” it claimed.
