Shares of Poly Medicure Ltd rallied 4% on Thursday, 25 September, after the company announced its plans to fully buy Italy-based Citieffe Group for a total consideration of Rs 324 crore (€31 million).

Poly Medicure announced in an exchange filing that it will purchase Citieffe Group for Rs 324 crore (Euro 31 million). The company has reached a definitive agreement to purchase a 100% investment in Medistream SA (Group), which includes Citieffe SRL and its step-down subsidiaries in the US and Mexico. 

This acquisition allows Poly Medicure to enter the enormous global orthopaedics industry, particularly the trauma and extremities area, which is the fastest-growing and most resilient category within orthopaedics, according to the business.

Citieffe is an Italian producer that specialises in orthopaedic trauma and extremities. It has direct presence in Italy, the United States, and Mexico, as well as distribution in over 25 countries, the company said.

Poly Medicure Ltd Managing Director Himanshu Baid said, “This acquisition marks another step in our journey to become a comprehensive healthcare solutions provider. Citieffe’s strong R&D capabilities and diverse trauma and extremity portfolio align with our mission to deliver innovative, patient-centric technologies.”

The company is a renowned medical device maker and exporter from India, with goods sold in over 125 countries and having a large global impact on healthcare.

At 12:29 pm, the shares of Poly Medicure were trading 4.17% higher at Rs 2,065.70 on NSE.

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