Poly Medicure Limited (Polymed), one of India’s leading medical device companies, today announced the acquisition of Citieffe Group, an Italy-based company specializing in orthopedic trauma and extremities devices, for an enterprise value of approximately ₹324 crore (€31 million).

The acquisition has been executed through Medistream SA, which holds Citieffe SRL in Italy and its subsidiaries in the United States and Mexico. The transaction includes an upfront payment of €23 million and the assumption of net external debt of €8.1 million. The deal is expected to close within 4–8 weeks, subject to customary closing conditions and regulatory approvals.

Founded in 1962, Citieffe is a well-established orthopaedic company with over 45 patents, a comprehensive portfolio of trauma and extremity products, and a strong presence across 25+ countries. In calendar year 2024, Citieffe reported revenues of €17.3 million and EBITDA of €3.1 million, reflecting double-digit growth.

With this acquisition, Poly Medicure makes a strategic entry into the fast-growing orthopaedics segment. The company plans to leverage its manufacturing capabilities in India to optimize costs, enhance margins, and make Citieffe’s advanced product range available to the Indian market, while also strengthening global exports.

Mr. Himanshu Baid, Managing Director, Poly Medicure Ltd., said:

“This acquisition marks a significant milestone in our journey to diversify and scale our medtech business. Citieffe’s innovation pipeline, strong brand equity in orthopaedics, and established presence in regulated markets like the U.S. and EU complement Polymed’s strengths in manufacturing and global distribution. Together, we aim to create long-term value for patients, healthcare providers, and stakeholders worldwide.”

The acquisition of Citieffe follows Poly Medicure’s recent acquisition of Netherlands-based PendraCare BV in the cardiovascular space, underscoring the company’s commitment to building a diversified global medtech platform.