The ultimate number of shares to be held can change, as per the terms of the agreement, based on the financial performance of Mylab for the year ending on 31 March 2024, stated the company.

Mylab is engaged in the business of researching, developing, manufacturing, marketing and selling in-vitro diagnostics kits, equipment, reagents and related therapeutic products that are linked to its diagnostic portfolio and providing portfolio solutions to other labs and hospitals. Mylab reported a turnover of Rs 95 crore for the year ended 31 March 2023.

Zydus Life said that the proposed investment in Mylab will help the company to participate in growing diagnostics space which is expected to witness increased penetration through in-clinic solutions with point of care testing (POCT) devices.

The indicative time period for the completion of acquisition will be two months from the date of signing the SPA for acquisition of Mylab from the existing shareholder.

Zydus Lifesciences is a discovery-driven, global lifesciences company that discovers, develops, manufactures, and markets a broad range of healthcare therapies.

The company's consolidated net profit (from continuing operations) tumbled 27.55% to Rs 298.8 crore despite of 31.66% jump in total revenue from operations to Rs 5,010.6 crore in Q4 FY23 over Q4 FY22.

The scrip closed 0.75% higher at Rs 556.85 on the BSE.