Mumbai: Surat based Sahajanand Medical Technologies (SMT), cardiac stent manufacturer acquired Bangalore based medical device firm Vascular Concepts. The financial considerations of the deal was not disclosed. According to the deal, Vascular Concept will retain its brand and Swaminathan Jayaraman, CEO of Vascular Concepts will continue to manage the operation of the company.
Dhirajlal Kotadia, Chairman, Sahajanand Group said, “Structural heart segment is a fast-growing segment in cardiovascular industry. We strongly believe that SMT will play a major role within this segment and provide solutions to benefit patients and its wide customer base. Acquisition of Vascular Concepts Group reflects our commitment to become a leader in TAVI and structural heart technologies.”
Vascular Concepts is one of the oldest Indian medical device companies established by Swaminathan Jayaraman in 1988. It has a diversified product portfolio which includes coronary stents, cardiac closure devices, peripheral stents, unique balloon catheters like PTMC balloons and TAVI. The Group comprises of two entities, based in India and Thailand. This medical device firm has more than 200 employees, two manufacturing setups and two research and development centres according to the statement. The 150 Cr company has an extensive patent portfolio exceeding 35 US/EU technology patents for designing and manufacturing various peripheral vascular products.
The company had been looking to divest equity to raise the investment for global expansion. “We are excited to join hands with SMT, who have a strong leadership in interventional cardiology and has demonstrated aggressive growth in this business. This association will create tremendous market opportunities for both companies to grow in Structural Heart Disease. Vascular Concepts is committed to driving further innovation in the field of structural heart which can be commercialised together with SMT,” Swaminathan Jayaraman, CEO & MD of Vascular Concepts Group said.
Vascular Concepts has developed and launched the Hydra transcatheter aortic valve system, which received Indian regulatory approval in 2020. It is used for the treatment of high-risk patients suffering from severe and symptomatic aortic valve stenosis. The Hydra TAVI system is a self-expanding supra-annular transcatheter aortic valve, which presents unique design features and similar event rates compared to contemporary devices in separate clinical studies conducted in India and Europe. The TAVI market is growing at about 20 per cent worldwide, Europe and the US being the main markets to date.
Vascular Concepts had invested heavily in clinical trials and was looking to introduce products in both European and US markets. However, conducting clinical trials in Europe is an expensive affair and partnering with a company that has already good network in these geographies is a win-win for both, a source close to the company said.