Zydus Lifesciences Limited has informed the Exchange about Investor Presentation
Code: 532321
Code: ZYDUSLIFE
March 11, 2025
Listing Department BSE LIMITED P J Towers, Dalal Street, Mumbai-400001
Listing Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai-400051
Re:
Investor Presentation
Dear Sir,
Please find attached the Investor Presentation on Plans to Acquire Amplitude Surgical SA, France, a listed company.
Please find the same in order.
Thanking you,
Yours faithfully, For, ZYDUS LIFESCIENCES LIMITED
DHAVAL N. SONI COMPANY SECRETARY AND COMPLIANCE OFFICER MEMBERSHIP NO. FCS7063
Encl.: As above
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Dedicated To Life
Zydus’ Foray in Global MedTech Plans to Acquire Amplitude Surgical
Investor Presentation March 2025
Zydus A Global Lifesciences Company
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Dedicated To Life
Zydus: Impacting patients’ lives through quality healthcare solutions
Vision To be a global life sciences company transforming lives through pathbreaking discoveries
Zydus is a leading life sciences player...
US$ 2.35 bn FY24 Global Revenue1
…with a global footprint
International Markets 10%
Alliances 1%
API 3%
FY24 Sales US$ 2.30 bn1
US 46%
India Revenues 40%
Formulations 28%
Consumer Wellness (12%)
US$ 650 mn FY24 EBITDA1 (27.5% margin)
Mission To unlock new possibilities in life sciences through quality healthcare solutions that impact lives
Purpose Empowering people with the freedom to live healthier and more fulfilled lives
US$ 158 mn FY24 R&D spend1 (~7.0% of revenues)
38 Manufacturing Sites
8 R&D Centers
80+ Countries
US$ 10 bn+ Market Capitalisation2
Leading Player in Indian Pharma Market
#1 in 6 out of 7 consumer wellness brand categories3
5th Largest generic co. in US in terms of prescription4
Note: (1) At an exchange rate of INR 82.8 / US$; (2) As on March 10, 2025 at an exchange rate INR 87.14 / US$; (3) Nielsen and IQVIA MAT December 2024 and company estimates; (4) IQVIA MAT December 2024 TRx
3
Zydus: Global lifesciences company with presence across key markets
US formulations ✓ 5th largest generic player (Rx terms) ✓ Building presence in specialty & 505(b)(2) space organically and through acquisition and partnerships
✓ Presence In rare disease space (3
assets in portfolio, 2 commercialized)
International Markets (IM) formulations
✓ Comprises of different countries of emerging markets (EM) and Europe ✓ EM - Presence in key Rx markets of Asia, Africa and LATAM; Focus markets include Mexico, Brazil, South Africa, Myanmar, etc. ✓ Europe - Direct presence in France, UK and
Spain
Alliances ✓ Strategic Joint ventures and licensing arrangements with global players
A global lifesciences company
India formulations ✓ One of the leading players in IPM ✓ Strong presence across key super Specialty therapeutic areas like Oncology, Nephrology, Gastroenterology
✓ Rising share of innovation-led portfolio
Consumer Wellness ✓ Category leadership in 6 out of 7 brands ✓ Brand building and distribution
infrastructure expansion
✓ Enhancing presence in modern trade and
e-commerce segments
✓ Expanding international presence
API ✓ Strong backward integration
capabilities for formulations business
✓ Partner of choice for external
customers
✓ 250+ products portfolio
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Zydus continues to evolve as a credible healthcare solutions provider with patient centricity at its core
Current Play
Future Growth Drivers
✓ Comprehensive portfolio to serve different markets ✓ US Market
▪ 483 ANDA filings, 415 approvals1 ▪ Generics, Complex generics, CGT/ First Generic, NCE-1/ FTF
Global Generics
products across dosage forms
▪ In-house development and partnerships
✓ India Market
▪ First-in-India – Day-1 launches and Next Generation Drug
Delivery platforms
✓ Leading Indian player ✓ Pipeline of 25 products (incl.3 ADCs) - Launched 14 products
Biosimilars
Vaccines
in India
✓ Expanding presence in emerging markets ✓ Presence in India and emerging markets ✓ End-to-end development expertise ✓ 20+ vaccine products portfolio across platforms
✓ Launched 2 molecules in India viz. Saroglitazar Magnesium
and Desidustat
NCEs
✓ Bilypsa® – Saroglitazar – First approved treatment for
MASH in India
✓ OxemiaTM – Desidustat – First OSD formulation for anemia
Note: (1) As of December 2024
associated with CKD
✓ Acquired 3 assets viz. NULIBRY®, Zokinvy® and
CUTX101 in rare disease space in the US
✓ 3 505(b)(2) launches of Sitagliptin franchise in the US viz. ZituvioTM, ZituvimetTM and ZituvimetTM XR tablets.
✓ Presence in liquid orals space through LiqMeds
✓ WHO pre-qualification for Typhoid Conjugate and
Rabies vaccine
NCE: ✓ Saroglitazar Magnesium (US market) ▪ Phase II(b)/ III trials for PBC indication ▪ Phase II(b) trials for MASH indication
✓ Desidustat – NMPA, China accepted an NDA for
review
✓ Usnoflast – Undergoing clinical trials for 4 indications NBEs: ✓ Targeting rare and orphan diseases and difficult to
treat cancers
✓ Foray into global MedTech space through both
organic and inorganic initiatives
Orphan Disease and Specialty 505(b)(2) portfolio
Vaccines (for global markets)
NCEs (for global markets) and NBEs
MedTech
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MedTech Foray Strengthening Patient-centricity
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Zydus’ DNA positions it well for a natural extension in the MedTech space which is expected to reach US$ 670 bn globally by 2029E
2023A Medical Devices market breakdown
Key MedTech industry trends
Key Global players
Key trends in the global medical devices market
Others
Asia
4…
Americas
23%
45%
Europe
28%
Top 5 OEMs dominate >50% of the market, but emerging challengers are gaining ground with innovative tech, cost-efficient solutions, and a service-oriented approach.
Driven by technological advancements, demographic shifts, and increasing healthcare expenditures
Regulatory landscape promoting innovation and quality (e.g., EU’s new Medical Device Regulations (MDR) and US FDA’s Breakthrough Devices program)
India has recognized medical devices space as a sunrise sector due to immense growth potential ▪ Indian MedTech market is expected to reach US$ 50 bn by 2030E (from US$ 12 bn in FY24E) ▪ India is currently heavily import-dependent (80% - 85% of medical devices sourced via imports) ▪ GoI has announced PLI scheme for promoting domestic manufacturing of medical devices with total financial outlay ~US$ 400 mn
Key product offerings
Zydus Focus
16A-24E 24E-29E
Global market size (in US$ bn)
Implants and prostheses
Assistive technology products (e.g. hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e. operating with electrical energy)
Source: Industry research
Orthopaedics
+3.7%
+4.1%
670
Ophthalmic
+6.3%
+5.4%
General & Plastic Surgery
+3.2%
+5.7%
350
Endoscopic
+7.3%
+7.2%
510
Other
+4.9%
+5.8%
2016A
2024E
2029E
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Zydus has identified three priority segments in the MedTech space to build its global presence
Cardiology Product launches, inorganic opportunities
Nephrology Product pipeline
Zydus MedTech – Growth levers
✓ Building presence in interventional cardiology
✓ Acquired manufacturing facility of Nano
Therapeutics in 2024 located at Surat, Gujarat
✓ Capabilities across research, manufacturing
and sales
✓ Portfolio expansion through new launches
and partnerships
✓ Address growing burden of Chronic Kidney
Disease globally
✓ Establishing dialyser manufacturing plant to
produce high end membranes
Orthopaedics Inorganic pipeline
Other segments
✓ Entry into global Arthroplasty market
✓ Offer solutions for replacement of lower limb
joints
✓ Proposed acquisition of Amplitude Surgical, formidable orthopaedics player in Europe with global reach
✓ Exploring other areas within the MedTech
space
Organic business
Inorganic business opportunities
Partnerships
Organizational enablers
✓ Incorporated a new entity for the
business
✓ Onboarded 150+ core team members
with deep experience in MedTech
✓ Cross functional teams (research, manufacturing, quality, regulatory, sales, finance, HR)
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Within MedTech, Orthopaedics is large and attractive
Orthopaedics market worldwide (in US$ bn)
2024E Segment breakdown
60
45
35
2016A
2024E
2029E
Key players and markets share (2024E)
Others
25%
Spine
17%
Ortho market
17%
Knee
12%
Sports Med
15%
14%
Trauma
Hip
o/w 31% for knee and hips segment
Robotic-assisted surgery is becoming a competitive necessity, with major players investing heavily in next-generation surgical techniques and robotic solutions to improve precision and patient outcomes
22%
19%
18%
8%
5%
Source: Industry research
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Amplitude Surgical A Strong Orthopedics Player
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Amplitude Surgical – Formidable orthopaedics player in Europe with global reach
Focused on high-quality orthopaedic products…
…led by a seasoned executive team with strong industry credentials
1997 Founded
25+ Countries served
30 Active Patents
420+ Employees
#2 Ranked in France for Hips & Knees
#6 Ranked in Europe for Hips & Knees
#6 Ranked in Brazil
€ 106 mn FY241 Revenue
€ 27 mn FY241 EBITDA2 (25.6% EBITDA margin)
7.4% Revenue CAGR (FY20 – FY24)
10.9% EBITDA CAGR (FY20 – FY24)
Olivier Jallabert Founder & CEO
Muriel Benedetto Chief Operating Officer
Dimitri Borchtch Chief Financial Officer
Bruno Jugnet VP, Sales & Marketing
AMPLI EURONEXT Listed
€ 166 mn Market Capitalization3
75.4% Owned by PAI Partners4
24.6% Owned by Public Shareholders
Mireille Lemery VP, Quality & Regulatory Manager
30
30
20
26
20
Source: Company information; Notes: (1) Financial year ending June; (2) FY24 reported EBITDA as per IFRS; (3) As of 10th March 2025; (4) Including stake held by management team of Amplitude
Years of experience in orthopaedics
Years of financial experience
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Advanced portfolio complemented by computer assisted surgery system, backed by strong R&D-led innovative solutions
Current portfolio offering
Knee prosthesis
Others
Anatomic Fixed bearing
Score II Mobile bearing
Trax CR Fixed bearing
Uni Score Unicompartiment al knee prosthesis
Amplivision Computer assisted surgery program
i.M.A.G.E. system Custom cutting guide system (3D printing)
Acetabular components
Femoral stems
Others
FY24 Rev. Split1
60%
Ongoing product development
Team of ~40 staff dedicated to R&D, working in close partnership with surgeons, patients, and universities
Knee
Hip
Robo tRobot
Stellar
Saturne II
Evok
Fair
Horizon II
Austral
Initiale
Acor
E.T.O.I.L.E Orthopaedic table extension
✓ Ongoing development of a robotic solution for knee
surgery
33%
✓ Aim to address current market demand with innovative
features and competitive pricing
Highest quality standards
Marker Instrument used in navigation
Sports medicine
Amplifix Medical cement
7%
e e n K
i
p H
s r e h t O
Internalized production to ensure quality consistency and cost efficiency
Source: Company information; Notes: (1) Financial year ending June
Fully in-house R&D with 30 active patents and extensive track record of innovation
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Geographic footprint & in-house capabilities
Value chain positioning
Research and Development
✓ Run fully in-house with 30 active patents ✓ Extensive track record of innovation
Manufacturing
✓ Internalized production of selected critical parts ensuring quality consistency and cost control ✓ Outsourcing of high-volumes, less value-add
processes
Marketing
✓ Historically in-house with strong technical / product
knowledge and medical education
Distribution
✓ In-house or externalized to agents / distributors
depending on the region
Geographic footprint
International distributors 20+ distribution centres across Europe, LATAM, Africa, Middle East, and APAC
Amplitude international subsidiaries 6 international sales subsidiaries covering Europe, LATAM, APAC, and Africa
France 4 sites including Group HQ, a brand- new manufacturing site, and a logistic centre, with 5 regional sales subsidiaries
Subsidiaries with local HQ
Distributors
Production plant with group HQ
France market
(in US$ mn)
Brazil market
(in US$ mn)
Australia market
(in US$ mn)
India market
(in US$ mn)
Orthopaedics Devices Market Size
1,500
1,700
1,900
1,000
1,300
600
500
600
800
400
600
900
2016A
2024E
2029E
2016A
2024E
2029E
2016A
2024E
2029E
2016A
2024E
2029E
Source: Company information; Industry research
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Transaction rationale – Amplitude Surgical to act as a platform to execute Zydus’ global MedTech strategy
Business segment
Right fit with Zydus’ strategy of creating an entire ecosystem focused on “Patient centricity” by offering high quality products and solutions
Leadership
Leading position in the attractive orthopaedics market with global reach (#2 in France, #6 in Europe, #6 in Brazil)
Product portfolio
Extensive, high-quality offering compliant with highest quality standards and regulations enhanced by ongoing product development pipeline and computer assisted program
R&D
Access to dedicated R&D personnel working in close partnership with various stakeholders to develop technologically advanced products (e.g. Andy – Surgical Robot)
Synergies
Zydus’ operational excellence and current global footprint will enable potential synergies and efficiencies
Attractive financial profile
€ 100 mn+ revenue and superior margin profile with continuous management initiatives to optimize business model and maximize value creation
Medical technology is a natural extension for Zydus having a proven track record in life sciences and wellness
Amplitude Surgical is a well- invested international orthopaedics leader with several differentiating pillars to capture future growth
Positions MedTech as a sizeable and profitable growth pillar for Zydus Group
Source: Company information
14
Transaction overview
▪ On March 11, 2025, Zydus entered exclusive negotiations to acquire a controlling stake in Amplitude Surgical, directly or indirectly through its affiliates
▪ Total purchase consideration for acquisition of 85.6% stake – € 257 mn
▪ Total equity value (100% stake) – € 300 mn
▪ The acquisition will be funded through a mix of internal accruals and external financing
▪ Existing management team of Amplitude to continue post transaction
▪ Definitive agreements for the block acquisition would be entered into after completion of the information and consultation process with employee
representative bodies as per French law
▪ Closing of the block acquisition remains subject to the regulatory approval of the French Minister of Economy (as part of the control of foreign
investments in France)
▪ After the block acquisition, Zydus would file a mandatory cash tender offer for all the remaining shares in Amplitude Surgical, at the same purchase price
of €6.25 per Amplitude Surgical share
▪ If at the end of the offer Zydus holds at least 90% of share capital and voting rights of Amplitude Surgical, Zydus intends to implement a squeeze-out of
the minority shareholders and a delisting of the company
▪ It is expected that the block acquisition would be completed and the offer would be filed with the French market authority (AMF) by June 2025
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What next for Zydus MedTech
MedTech to be a new growth enabler for Zydus Group
Global footprint
Manufacturing centre of excellence
R&D centre of excellence
Strong supplier ecosystem
High quality products
Cutting edge capabilities
Innovation focus
Strong R&D team
Vertical integration
Cardiology
Nephrology
Orthopaedics
Other areas
Acquisition of Amplitude Surgical will accelerate Zydus’ growth journey in the global MedTech sector
16
Thank You
For any queries, please contact Arvind Bothra Arvind.Bothra@zyduslife.com +91-22-62711905
For more information, please visit: www.zyduslife.com
www.linkedin.com/company/zyduslife
Registered Office:
Zydus Corporate Park, Scheme No. 63, Survey No. 536, Khoraj (Gandhinagar), Nr. Vaishnodevi Circle, Sarkhej-Gandhinagar Highway, Ahmedabad – 382 481 Gujarat, India