Poly Medicure Ltd., one of India’s leading medical device manufacturers, has taken a decisive step in strengthening its global footprint by acquiring a 90% stake in the Netherlands-based PendraCare Group for ₹188.5 crore (€18.3 million). The acquisition, signed through a share purchase agreement with Wellinq Holdings B.V., highlights the company’s ambition to deepen its presence in the cardiology devices market. The remaining 10% stake is scheduled to be acquired in 2030, contingent on PendraCare’s performance in 2029, ensuring long-term strategic alignment between the two companies.

Strengthening Cardiology Portfolio

PendraCare has earned a strong reputation for its advanced cardiology catheter solutions and cutting-edge technology in interventional cardiology. This acquisition gives Poly Medicure direct access to innovative products in a high-growth therapeutic segment that continues to see rising global demand. The move is not only about portfolio diversification but also about establishing leadership in a critical area of healthcare where India seeks greater representation on the global stage.

Regulatory Strength and Market Reach

A key strength of PendraCare lies in its robust regulatory framework. The company is ISO-certified and has secured approvals from leading global authorities, including the US FDA, European CE under MDR/MDD, Brazil’s ANVISA, China’s CFDA, and South Korea’s KFDA. These certifications open the doors for Poly Medicure to expand seamlessly across highly regulated international markets. The acquisition thus enables the company to fast-track its expansion strategy and gain credibility in markets where compliance standards are extremely stringent.

Financial Outlook and Strategic Impact

In 2024, PendraCare reported revenues of €9.9 million, gross profit of €7.3 million, EBITDA of €1.4 million, and a profit before tax of €0.8 million. With these figures, the transaction values PendraCare at an EV/Revenue multiple of 1.83x and EV/EBITDA multiple of 13x, reflecting the high potential of its niche product lines. Poly Medicure expects significant benefits from the integration, with annual synergies projected at €3–4 million over the next three to four years. These gains will be driven by leveraging Poly Medicure’s expansive distribution network, enhanced manufacturing efficiencies, and stronger research collaborations.

A Step Towards Global Leadership

Poly Medicure has steadily expanded its footprint in Europe, which already contributes nearly one-third of its revenue. The acquisition of PendraCare is a natural extension of this strategy, following its earlier buyout of Italian oncology device firm Plan1 Health S.R.L. By consolidating its presence in Europe and strengthening its cardiology and oncology portfolio, Poly Medicure is positioning itself as a global contender in the medtech space. The decision to retain PendraCare’s CEO, Sander Hartman, further ensures operational continuity and local leadership to support global expansion plans.

Leadership Perspective

Commenting on the acquisition, Himanshu Baid, Managing Director of Poly Medicure, said that the deal was more than just an expansion of product offerings. “PendraCare brings strong innovation in cardiology and deep regulatory expertise in Europe. With this buyout, we are strengthening our global presence and taking a step closer to our vision of serving people through innovative healthcare solutions,” he said.

Echoing this sentiment, PendraCare CEO Sander Hartman noted that the acquisition will enable the company to scale its innovations and expand into new geographies while upholding its commitment to quality and trust.

Conclusion

The ₹188.5 crore acquisition of PendraCare marks a defining moment in Poly Medicure’s journey toward becoming a global medical technology leader. By combining product innovation, regulatory strength, and international market access, the deal not only expands the company’s cardiology portfolio but also reinforces India’s growing influence in the global medtech industry.