Zydus Lifesciences Ltd. on Tuesday announced it will acquire French orthopedics company Amplitude Surgical SA for 300 million euros or around Rs 2,851 crore.
The board approved a put open agreement, share purchase agreement, and other agreements to acquire 85.6% stake in Amplitude Surgical for 6.25 euros per equity share, aggregating to 256.8 million euros, according to an exchange filing.
Zydus Life will make a mandatory offer to buy shares via a simplified cash tender offer for the balance 14.4% stake for 43.2 million euros.
Listed in Paris, Amplitude Surgical's last traded price was 3.46 euros. Post-acquisition, the company will be delisted.
The deal is expected to be completed after regulatory approvals by June 2025.
Amplitude Surgical is involved in design, development, and marketing of products for orthopedic surgery in France and internationally. The company provides a range of orthopedic products for primary and revision surgery, aimed at treating pathologies of the hip, knee, and lower extremities primarily for foot and ankle surgery.
The proposed acquisition will execute Zydus Life's global MedTech strategy and a natural extension for its proven track record in life sciences and wellness segments, the filing said.
"In Amplitude Surgical, we see several medium-term and long-term growth opportunities with respect to portfolio, capabilities, manufacturing and geographies," said Managing Director Sharvil Patel.
In fiscal year ended June 30, 2024, Amplitude Surgical generated sales of 106.0 million euros.
Zydus Life Share Price Movement
Zydus Life share price advanced 1.25% intraday to Rs 904.9 apiece.
Zydus Life share price advanced 1.25% intraday to Rs 904.9 apiece.
Zydus Life share price advanced 1.25% intraday to Rs 904.9 apiece. The scrip was trading 0.86% higher by 1:50 p.m. The benchmark NSE Nifty 50 was up 0.14%.
The stock has fallen 7.4% in the last 12 months and 9.3% on a year-to-date basis. The relative strength index was at 46.
Seventeen of the 33 analysts tracking Zydus Life have a 'buy' rating on the stock, 10 recommend a 'hold' and six suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price target of Rs 1,099 implies a potential upside of 22%.
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