Indegene Acquires Cake Group for €8.5 Million to Expand European Operations

Indegene Limited, a Bengaluru-based healthcare solutions provider, announced that its wholly owned subsidiary, Indegene Ireland Limited, has signed a Share Purchase Agreement (SPA) to acquire 100% equity in Cake Kommunikations Holding GmbH. 

The acquisition also includes full ownership of its associated entities in Austria, Germany, and Switzerland, collectively known as Cake Group. The transaction, valued at up to €8.5 million, is subject to net working capital and net debt adjustments.

Indegene Strengthens European Presence Through Cake Group Acquisition

On November 10, 2025, Indegene confirmed that the acquisition aligns with its strategy to deepen its footprint across Europe. Cake Group, headquartered in Vienna, Austria, operates in healthcare marketing and communications, serving life sciences clients in the DACH region. The group offers services in brand strategy, creative campaigns, and digital marketing, employing around 25 professionals across Austria, Germany, and Switzerland.

Cake Group generated revenue of €3.78 million in FY2024, reflecting steady growth from €3.18 million in FY2022 and €3.10 million in FY2023.

Deal Structure and Regulatory Approvals

The transaction is structured as an all-cash deal, including deferred milestone-based payments. Indegene Ireland Limited will acquire 100% of the target entity’s outstanding shares. The acquisition is subject to approval under the Austrian Investment Control Act (InvKG) and is expected to close by January 2026. The deal does not fall under related-party transactions, and no promoter or group company of Indegene holds any interest in the acquired entity.

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About Cake Group

Cake Group consists of Cake Kommunikations Holding GmbH, Cake Kommunikations GmbH (AT), Cake Kommunikations GmbH (DE), and Cake Kommunikations AG (Switzerland). The agencies specialise in developing brand narratives, creative strategy, and digital engagement for healthcare brands, serving leading clients across the European life sciences industry.

Indegene Share Price Performance

On November 11, 2025, Indegene share price opened at ₹519.35 on NSE, above the previous close of ₹518.30. During the day, it surged to ₹519.35 and dipped to ₹511.95. The stock is trading at ₹512.05 as of 9:19 AM. The stock registered a moderate decline of 1.21%.

Over the past week, it has declined by 5.01%, over the past month, it has declined by 6.62%, and over the past 3 months, it has declined by 10.50%.

Conclusion

Indegene’s acquisition of Cake Group marks another step in its global expansion strategy, reinforcing its presence in the European healthcare communications market. With a focus on innovation and client-centric services, this move is expected to accelerate Indegene’s growth trajectory in the life sciences ecosystem.

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