Poly Medicure Acquires 90% Stake in PendraCare to Boost Cardiology

Poly Medicure, India's largest medical device company announced its acquisition of 90% of the PendraCare Group, including PendraCare Holdings and Wellinq Medical, from Wellinq Holdings B.V.

The deal has an enterprise value of €18.3 million, and Poly Medicure will acquire the remaining 10% based on performance in 2030. The PendraCare Group has a European headquarters and is primarily focused on the development and manufacturing of advanced cardiology catheter solutions. PendraCare is also a contract partner providing design, development, and manufacturing to select global OEMs.

This is an important strategic move for Poly Medicure and allows them to build on their cardiology portfolio, as well as move quickly to highly regulated markets in Europe and the U.S. Appropriately regarded as a "bolt-on" acquisition, industry experts have suggested that this step will allow Poly Medicure to capitalize on expanding its global footprint in the high-potential cardiology segment.

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Commenting on the acquisition, 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… helps in furthering our vision of “Serving people through innovative healthcare solutions”.

Commenting on the acquisition, 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…ensuring lasting benefits for users and patients worldwide.

With PendraCare offering innovative-driven solutions and an established footprint in the market, Poly Medicure has the opportunity to accelerate growth, expand on its medical consumables, and gain a competitive advantage globally.