New Delhi, September 3rd, 2025: Poly Medicure Ltd. (NSE: POLYMED | BSE: 531768), India’s leading Medical Device company with a dominant position in medical consumables market, today announced signing of definitive agreements to acquire 90% stake in PendraCare Group consisting of PendraCare Holdings and Wellinq Medical from Wellinq Holdings B.V. at an Enterprise value of ₹188.5 crores (Euro 18.3mn). The balance 10% stake to be acquired in 2030 basis actual EBITDA for CY 2029. PendraCare Group develops, manufactures and sells innovative cardiology catheter solutions and provides design, development and manufacturing services to other global OEM’s. This “bolt-on” acquisition provides Polymed with an opportunity to scale its cardiology business globally with immediate access to world’s most regulated markets of Europe and the US.

Strategic Rationale for Acquisition

• Strategic Asset: The Group is one of the few independent cardiology ancillary consumable businesses in Europe. It fits well with Polymed’s strategy to grow cardiology business through strong R&D and manufacturing capabilities in ancillary cardiology consumables segment.
• Regulatory approvals in key markets: Products registered in Europe (MDD and MDR), FDA, ANVISA, CFDA, KFDA and multiple local country registrations
• Made in Europe: Established European manufacturing base, enabling localized production and distribution of products.
• Existing relationships with global med-tech OEM’s: Over decade long relationship with large global OEM’s

Transaction Structure Overview:

• PendraCare Group Proforma Financials: CY24 Revenue: EUR 9.9 million I Gross Profit: EUR 7.3 million I EBITDA: EUR 1.4 million I PBT : EUR 801k
• Existing Management to continue to lead the business; Sander Hartman to remain as the CEO, who will continue to hold 10% non-voting shares in the Group
• Enterprise value of the company of ~Euro 18.3mn at first closing valuing the company at EV/Revenue and EV/EBITDA (FY 2024) of 1.83x and 13x respectively
• Certain earn-out payments to be made subject to achievement of defined milestones over the next 4-5 years

  Balance 10% stake to be acquired in 2030 basis actual EBITDA of CY 2029The acquisition is subject to customary closing conditions and approvals and is expected to

  be closed in next 4-8 weeks

  Commenting on the acquisition, Mr. Himanshu Baid, Managing Director, Poly Medicure Limited stated:

  We are thrilled to announce the acquisition of Pendracare group, a unique Interventional Cardiology consumable business in Europe. This move brings us a valuable, ‘made-in-Europe’ cardiology consumables business with FDA and CE-marked products and long-term relationships with global OEMs. By combining Pendracare Group’s European presence and customer relationships with Polymed’s strong engineering, R&D, manufacturing and distribution capabilities, we believe we will deliver significant synergies for the combined business. Most importantly, it deepens our presence in Europe – a key market for Polymed. This acquisition helps in furthering our vision of “Serving people through innovative healthcare solutions”.

  Commenting on the acquisition, Mr. Floris Alkemade (Founder) and Sander Hartman (CEO) stated:

  We have great confidence in Polymed Group as the right partner for the future of PendraCare. We sincerely thank our teams for their dedication and achievements, which have laid a strong foundation for this next step. We look forward being part of Polymed Group and together we will continue to focus on developing and delivering the highest-quality medical devices, ensuring lasting benefits for users and patients worldwide.