SII CEO Adar Poonwalla-backed Mylab Discovery Solutions on September 20 announced acquiring a majority stake in Sanskritech, the developer of Swayam which is India’s most advanced point of care (POC) testing system and telemedicine facility in an all-cash deal.
The financial details of the deal were not disclosed but Sanskritech team will continue to operate as a separate entity under the aegis of the Pune-based biotech company.
“During the second wave, we saw overburdening of our testing systems. It became evident that decentralised testing would significantly improve access and turnaround times," Mylab Managing Director Hasmukh Rawal said.
The company plans to establish more than 1,000 POC systems in the next two years and start deployment of these systems with lab partners as early as November 2021.