Poly Medicure Expands Global Reach with Strategic PendraCare Acquisition

Poly Medicure Ltd announced its acquisition of a 90% stake in the Dutch company PendraCare Group. The deal is valued at Rs 188.5 crore, translating to 18.3 million euros, and is positioned to broaden Poly Medicure's cardiology market reach in Europe and the United States.

Poly Medicure stated that the acquisition will be finalized fully by 2030, with the remaining 10% stake adjusted to the 2029 EBITDA. Current management, including CEO Sander Hartman, who retains a 10% non-voting share, will continue leading PendraCare.

The acquisition aims to leverage PendraCare's established European base, fortifying Poly Medicure's engineering, R&D, and distribution expertise. This synergy is expected to generate significant annual gains of 3-4 million euros, as global expansion strategies take effect.

(With inputs from agencies.)