Poly Medicure Acquires 90% Stake in PendraCare for ₹188.5 Crore to Expand Cardiology Business

Poly Medicure Ltd (Polymed), a leading Indian medical devices manufacturer, has announced the acquisition of a 90% stake in PendraCare Group of the Netherlands. The deal, valued at ₹188.5 crore (€18.3 million), marks a strategic move to enhance its cardiology portfolio and gain stronger access to heavily regulated markets such as the US and Europe. 

The balance 10% stake will be taken up in 2030, tied to PendraCare’s EBITDA performance in CY 2029. The transaction is expected to close in the coming 4–8 weeks, subject to regulatory and customary approvals.

Strengthening Cardiology Presence

PendraCare is one of Europe’s few independent cardiology consumables specialists, with recognised expertise in producing catheter solutions. Its product line includes guiding and diagnostic catheters, which hold CE marking and FDA approvals, along with clearances from ANVISA (Brazil), CFDA (China) and KFDA (South Korea). 

As per news reports, Himanshu Baid, Managing Director of Poly Medicure Ltd, stated, “This acquisition brings us a valuable, made-in-Europe cardiology consumables business with FDA and CE-marked products and long-term relationships with global OEMs.”

Financial Snapshot and Valuation 

PendraCare reported a CY 2024 revenue of €9.9 million, alongside a gross profit of €7.3 million and EBITDA of €1.4 million. The acquisition values the company at 1.83 times EV/revenue and 13 times EV/EBITDA. This transaction allows Polymed to build a stronger cardiology base with immediate global recognition and entry into advanced medical markets.

Synergies And Growth Outlook

Looking ahead, Polymed expects to achieve €3–4 million in annual synergies over the next three to four years. These gains are planned through leveraging R&D and Indian manufacturing strengths for cost efficiencies, expanding international distribution via Polymed’s network, and capitalising on PendraCare’s OEM partnerships to push cardiology product sales. The acquisition also sets the stage for new launches across Europe, further strengthening Polymed’s foothold in global markets.

Read More: Waaree Energies Board Approves to Acquire 64% Stake in Kotsons for ₹192 Crore!

Poly Medicure Share Price Performance 

As of September 4, 2025, at 10:00 AM, Poly Medicure share price is trading at ₹2,122.80 per share, reflecting a gain of 2.70% from the previous closing price. Over the past month, the stock has gained by 5.91%.

Conclusion

This acquisition signifies a milestone in Poly Medicure’s global ambitions. By securing a European-based, highly regulated cardiology player with strong OEM ties, Polymed not only expands its product reach but also sets itself up for sustained growth and innovation in international healthcare markets.

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