Smith & Nephew buys Indian surgicals company for Rs 380 crore [India Business]
BANGALORE: The $4.1 billion Smith & Nephew plc, a global medical technology provider, has acquired Sushrut Surgicals Private Limited, along with its brands and assets, for a consideration of roughly $70 million, or Rs 380 crore.
The four-decade-old, Pune-based Sushrut Surgicals is a leader in the orthopaedic trauma products for the India market.
With this acquisition London-listed Smith & Nephew get an entry into India's $50 billion healthcare industry, clocking a CAGR of 15% to 20%, and is expected to double its market size before the end of this decade.
Sushrut's product range includes primarily trauma implants and instrumentation, as well as spine and limb salvage portfolios. Investment bank o3 Capital advised the transaction.
"Through this acquisition we are continuing to deliver on our strategic priorities to build leadership positions in the emerging markets, " said Olivier Bohuon, CEO of Smith & Nephew.