Corporate Updates

Polymed to buy US medical device firm for $20 mn

Disposable medical device manufacturer Polymed is reportedly set to acquire a US-based medical device company for around $18-20 million. Sources say the company is now in the final stages of negotiations and that the deal is expected to be finalised by October or early November. It is also said that the acquisition will be an all-cash transaction and the company will fund the acquisition through overseas borrowings and internal accruals. Polymed has had its sights trained on the lucrative US market, which accounts for 25% of the global $70-80 billion medical device market. Disposable medical devices are intermediate products used for drug delivery and generally made from plastics. The company has also applied for a USFDA approval for its new plant in the country and plans to start exports of four products to the US soon, once FDA approves the plant. An acquisition in the US would thus give Polymed immediate foothold in the market. Sources also say the target company in the US has a USFDA-approved manufacturing plantand is already marketting 15 products in the country. Polymed can thus leverage itself in the existing marketing and distribution network of the American company. Currently, Polymed exports to over 50 countries. Polymed already has a JV with a local company in Egypt, which caters to the North African market. Besides the planned acquisition in the US, the company is looking for a similar JV in Europe and South America.

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