Strategic Fit

Poly Medicure Ltd (Polymed), a leading Indian medical devices manufacturer, has announced the acquisition of a 90% stake in Netherlands-based PendraCare Group. The deal, valued at ₹188.5 crore (€18.3 million), strengthens Polymed’s cardiology portfolio and provides direct access to heavily regulated international markets such as the US, Europe, Brazil, China, and South Korea.

The balance 10% stake will be acquired in 2030, tied to PendraCare’s CY2029 EBITDA performance. The move is part of Polymed’s global growth strategy, leveraging PendraCare’s OEM relationships and regulatory approvals.

Deal Structure

Stake Acquired : 90%

Consideration : ₹188.5 crore (€18.3 million)

Valuation : 1.83x EV/Revenue; 13x EV/EBITDA

Mode : Equity purchase

Timeline : 4–8 weeks for closure

Remaining Stake : 10% to be acquired in 2030 (performance-linked)

Competitive Landscape

This acquisition strengthens Polymed’s presence in the high-value cardiology consumables market, competing with global medtech giants like Abbott, Medtronic, and Boston Scientific. PendraCare’s FDA- and CE-marked products and long-standing OEM relationships give Polymed a strong foothold in Europe and other advanced healthcare markets.

Financial Snapshot

CY2024 Revenue : €9.9M

Gross Profit : €7.3M

EBITDA : €1.4M

Acquisition Valuation : 1.83x EV/Revenue, 13x EV/EBITDA

Market Reaction

Poly Medicure’s shares traded at ₹2,122.80 on Sept 4, 2025, up 2.70% intraday, reflecting positive investor sentiment. The stock has gained 5.91% over the past month, signaling market confidence in the company’s global expansion strategy.

Future Outcomes

Regulatory Approvals : Smooth completion of regulatory clearances expected in the next 4–8 weeks, enabling deal closure within FY26.

Cardiology Growth : Stronger product offerings and deeper penetration into premium global cardiology markets.

Synergy Realization : Estimated €3–4M in synergies over 3–4 years through R&D collaboration, cost optimization, and global distribution leverage.

Global Expansion : Enhanced footprint in advanced markets, paving the way for new product launches and partnerships.

OEM Partnerships : Increased collaboration with global OEMs to accelerate sales and strengthen innovation pipelines.

Investor Confidence : The deal reinforces Polymed’s positioning as a leading medtech exporter, likely driving long-term value creation.