Poly Medicure Acquires Italy-Based Orthopedic Device Maker Citieffe for INR 324 Cr

Under the agreement, Poly Medicure will acquire 100 percent equity in Medistream SA, comprising Citieffe SRL and its step-down subsidiaries in the US and Mexico.

Poly Medicure Limited, an Indian medical consumables manufacturer, has announced the acquisition of Italy-based orthopedic device maker Citieffe for a total consideration of INR 324 crore (€31 million).

Under the agreement, Poly Medicure will acquire 100 percent equity in Medistream SA, comprising Citieffe SRL and its step-down subsidiaries in the US and Mexico.

The deal involves an upfront payout of €23 million, alongside the assumption of net external debt of €8.1 million, bringing the total transaction value to €31 million.

Citieffe specializes in the orthopedic trauma and extremities segment and holds 45 patented devices distributed across more than 25 countries. In the calendar year 2024, the company reported revenue of €17.3 million (around INR 180 crore) with an EBITDA of €3.1 million (INR 32 crore).

Acquisition Strengthens Global Footprint

Commenting on the acquisition, Himanshu Baid, Managing Director of Poly Medicure, said, “Citieffe has direct sales operations in the U.S., Italy, and Mexico, providing us a deeper foothold in these key markets.”

Baid added, “We see synergies in combining Citieffe’s innovation pipeline with Polymed’s manufacturing scale and commercial reach.”

This acquisition marks Poly Medicure’s second deal in September, following its acquisition of Netherlands-based cardiology catheter developer PendraCare Group for INR 190 crore.

Expansion Plans in the Orthopedic Segment

With the addition of Citieffe, Poly Medicure plans to enter the joint replacement market in the medium term and expand its sales team in India to enhance market coverage.

According to the company, Citieffe operates in a growing orthopedic segment with significant potential to scale up its US business, where product pricing is comparatively higher than in other regions.

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