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.

印度领先的医疗设备制造商之一Poly Medicure Ltd.采取了有力的举措，通过以18.85亿卢比（1830万欧元）收购荷兰PendraCare集团90%的股份，进一步巩固其全球足迹。此次收购通过与Wellinq Holdings B.V.签署的股份购买协议完成，彰显了该公司深化其在心脏病学设备市场影响力的雄心。

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..

剩余的10%股份计划于2030年收购，具体取决于PendraCare在2029年的表现，以确保两家公司之间的长期战略一致。

Strengthening Cardiology Portfolio

加强心脏科产品组合

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.

PendraCare因其先进的心脏病学导管解决方案和介入心脏病学领域的尖端技术而赢得了良好的声誉。此次收购使Poly Medicure直接获得了在高增长治疗领域中的创新产品，该领域全球需求持续上升。

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..

此举不仅是关于投资组合的多元化，也是关于在印度寻求在全球舞台上获得更多代表性的医疗保健关键领域建立领导地位。

Regulatory Strength and Market Reach

监管力度与市场覆盖范围

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.

PendraCare 的一个关键优势在于其强大的监管框架。该公司已获得 ISO 认证，并取得了包括美国 FDA、欧洲 CE（符合 MDR/MDD）、巴西 ANVISA、中国 CFDA 以及韩国 KFDA 在内的全球权威机构的批准。这些认证为 Poly Medicure 开拓高度监管的国际市场提供了便利条件。

The acquisition thus enables the company to fast-track its expansion strategy and gain credibility in markets where compliance standards are extremely stringent..

因此，此次收购使公司能够加快其扩张战略，并在合规标准极为严格的市场中获得信誉。

Financial Outlook and Strategic Impact

财务展望与战略影响

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.

2024年，PendraCare报告的收入为990万欧元，毛利润为730万欧元，息税折旧摊销前利润（EBITDA）为140万欧元，税前利润为80万欧元。根据这些数据，该交易对PendraCare的估值为收入倍数（EV/Revenue）1.83倍和息税折旧摊销前利润倍数（EV/EBITDA）13倍，反映了其细分产品线的高潜力。

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..

Poly Medicure预计此次整合将带来显著收益，在未来三到四年内，每年的协同效应预计将达到300万至400万欧元。这些收益将通过利用Poly Medicure广泛的分销网络、提高制造效率以及加强研究合作来实现。

A Step Towards Global Leadership

迈向全球领导力的一步

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.

Poly Medicure稳步扩大了其在欧洲的业务版图，欧洲市场目前已贡献近三分之一的收入。收购PendraCare是这一战略的自然延伸，此前公司已收购了意大利肿瘤设备公司Plan1 Health S.R.L. 通过巩固在欧洲的影响力并加强其心脏科和肿瘤科产品组合，Poly Medicure正在将自身定位为医疗技术领域的全球竞争者。

The decision to retain PendraCare’s CEO, Sander Hartman, further ensures operational continuity and local leadership to support global expansion plans..

保留PendraCare首席执行官桑德·哈特曼的决定，进一步确保了运营的连续性和本地领导力，以支持全球扩张计划。

Leadership Perspective

领导视角

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..

Poly Medicure董事总经理Himanshu Baid在评论此次收购时表示，这笔交易不仅仅是产品供应的扩展。他说：“PendraCare在心脏病学领域带来了强大的创新能力，并拥有在欧洲深厚的监管专业知识。通过这次收购，我们正在加强我们的全球影响力，并朝着通过创新医疗解决方案服务人民的愿景更近一步。”

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.

彭德拉护理公司首席执行官桑德·哈特曼回应了这一观点，他指出，此次收购将使公司能够扩大其创新能力并拓展新的地理区域，同时坚持对质量和信任的承诺。

Conclusion

结论

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..

耗资1.885亿卢比收购PendraCare标志着Poly Medicure在成为全球医疗技术领导者道路上的一个重要时刻。通过结合产品创新、监管实力和国际市场准入，这笔交易不仅扩展了公司的 cardiology 产品组合，还加强了印度在全球医疗技术行业中的影响力。