Indian pharmaceutical company Zydus Lifesciences Limited (NSE:ZYDUSLIFE) has entered exclusive negotiations to acquire 85.6% of French surgical technology company Amplitude Surgical (Euronext Paris:AMPLI), the two parties announced on Tuesday.

Under the deal being discussed, Zydus would purchase the majority holding from PAI Partners, management and minority shareholders for EUR256.8m.

This values Amplitude Surgical shares at EUR6.25 each, representing an 80.6% premium over its last closing price on 10 March 2025.

Upon completion of the controlling stake acquisition, Zydus will launch a mandatory simplified tender offer for the remaining shares at the same price. If conditions are met, the company plans to proceed with a compulsory acquisition and delisting.

Amplitude Surgical specialises in lower-limb orthopaedic technologies and reported EUR106m in sales for the fiscal year ending 30 June 2024, with EBITDA of EUR27.1m. For the six months to 31 December 2024 revenue grew 5% year-over-year to EUR51.5m, with an EBITDA margin of 25.4%.

The transaction is subject to regulatory approvals, including clearance from the French Minister of Economy for foreign investment control. Olivier Jallabert, founder and CEO of Amplitude Surgical, will remain involved post-acquisition.

Amplitude Surgical's board has welcomed the offer and appointed Finexsi as an independent expert.

Zydus expects to finalise the acquisition and file the tender offer with the Autorité des Marchés Financiers by June 2025. Trading of Amplitude Surgical shares will resume on 12 March 2025.