Zydus to acquire French medtech firm

Zydus Lifesciences on Tuesday said it has entered into negotiations to acquire a majority stake in France-based Amplitude Surgical, a medtech firm, for Euro 256.8 million. The company is in talks with PAI Partners and Amplitude Surgical’s management, as well as two minority shareholders for 85.6% of the firm’s stake at €6.25 per share.
The acquisition price represents a 80.6% premium over the last closing price as on March 10 and premium of 88.2% and 92.2% over the 3-month and 6-month volume-weighted average price of Amplitude Surgical respectively, says a company statement.
The proposed acquisition will serve as a strategic platform for Zydus to advance its global medtech ambitions, leveraging its established expertise in life sciences and wellness for further expansion.
Amplitude Surgical is a European medtech firm in high-quality, lower-limb orthopaedic technologies.
Zydus Life plans to initiate a tender offer to acquire the full stake after the acquisition at the same purchase price of €6.25 per Amplitude Surgical share. Following the completion of the mandatory tender offer, the company aims to acquire 100% of Amplitude Surgical’s equity shares, and to delist the company.
As of June 30, 2024, Amplitude Surgical reported a turnover of €106 million.
Sharvil Patel, managing director, Zydus Lifesciences, said: “Our legacy in science, health and innovation has enabled a deep understanding of patient journey and their care pathways. We believe this was a natural extension in the field of medical technology. Our commitment to quality excellence, continuous investments in R&D and expertise in manufacturing will guide our foray into highly specialised medtech products, adding a new dimension to our operations. In Amplitude Surgical, we see several medium-term and long-term growth opportunities with respect to portfolio, capabilities, manufacturing and geographies.”