Transaction:
- Alkem Laboratories, through its wholly-owned subsidiary Alkem MedTech, has entered into a definitive agreement to acquire an approximate 55% stake in Occlutech Holding AG, a global leader in structural heart disease devices.
- Funded by an all-cash transaction entirely through internal accruals, the total consideration for the acquisition is EUR 99.4 million (Approx. INR 1,074 crore), valuing the entire company at an equity value of approximately $207.4 million USD.
About Occlutech:
- Founded in 2003 and headquartered in Switzerland, Occlutech is the second-largest company in Europe in the minimally invasive cardiac implants segment and the third-largest globally deriving 85% of revenue from Europe and the US.
- A global biotech company focused on minimally invasive cardiac implant solutions, it operates manufacturing and R&D facilities in Germany and Turkey, a global distribution hub in Sweden, and clinical operations in the US.
About Alkem Laboratories:
- Established in 1973, Alkem Laboratories is one of India’s largest pharmaceutical companies, consistently ranking among the top five in the domestic market.
- The company has a strong presence across key therapeutic segments while aggressively expanding its portfolio in chronic areas and operates 19+ manufacturing facilities, exporting formulations and APIs to over 40 countries, including the US and Europe.
Rationale:
- Occlutech has established capabilities in structural heart devices, a highly-experienced management team, world class R&D and manufacturing facilities, and strong quality and regulatory framework, which provides a strong foundation for Alkem MedTech to begin its journey in the cardiology segment and support sustainable growth.
- It gives Alkem entry into high-barrier, high-value markets such as the US, Japan, Germany and other western European markets.
- In calendar year 2025, Occlutech recorded a revenue of EUR 49.4 million (unaudited), representing a 15.7% CAGR over the past three years.
- Occlutech deal implies enterprise value of $215 Million at 3.7x EV/Sales and 86.1x EV/EBITDA (CY25), indicating a premium for global MedTech exposure and dollar-denominated revenues.
- The Indian MedTech industry is a rapidly growing valued at approximately $12–$15 billion in 2023–24 and projected to reach $50 billion by 2030, growing at a 16%–20% CAGR.
- With over 4,000 health-tech startups, the focus is on AI, IoT, and affordable, portable diagnostics. Further, driven by “Make in India,” the sector is shifting from import dependence (currently 80%–85% imports) toward manufacturing, supported by 3D printing, AI, and specialized medical device parks
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
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This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction.