Healthium Medtech has announced the successful acquisition of the AbGel gelatin sponge business from Mumbai-based SGK Labs, adding to its product portfolio focused on surgical and post-surgical care.
Viral Parekh, Managing Director – SGK Labs said, “AbGel has been the leading and most trusted brand of haemostatic sponges. I am delighted that our product and brand provide immense synergies and is a natural fit for Healthium’s vast product portfolio. Under Healthium’s management, I am confident that AbGel shall have a wider market reach in the ever-growing medical devices segment.”
Speaking on the acquisition, Anish Bafna, CEO and MD, Healthium Medtech, said, “Hemostasis during surgical procedures is an area of concern for surgeons. We are excited to add a brand like AbGel that has become synonymous with the gelatin sponge category and has been contributing to safer surgeries for over 4 decades. This acquisition strengthens our presence in the category and our commitment to drive value for our customers. We look forward to combining Healthium’s R&D and manufacturing capabilities with the talent and expertise brought by AbGel’s team as we expand access to precision medtech for patients, globally.”
Manmohan Tiwana, Managing Director & CEO – Wodehouse Capital said, “AbGel is strategic fit for Healthium with a complementary business model. The market for medical devices and technology, though rapidly evolving, is still highly fragmented with limited indigenous manufacturing, where the imports constitute majority of the estimated US$2.75 billion market. With such acquisitions, established Indian companies can take indigenous brands to the rest of world, thereby unleashing its full potential and creating mega brands globally.”
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