March 11, 2025

Listing Department Code: 532321

BSE LIMITED
P J Towers, Dalal Street,
Mumbai-400001

Listing Department Code: ZYDUSLIFE

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
Digitally signed by DHAVAL
DHAVAL NARENDRA SONI

NARENDRA SONI Date: 2025.03.11 16:53:43

+05'30'

DHAVAL N. SONI
COMPANY SECRETARY AND COMPLIANCE OFFICER
MEMBERSHIP NO. FCS7063

Encl.: As above
 zyd us
Dedicated To Life

Zydus’ Foray in Global MedTech

Plans to Acquire Amplitude Surgical
Investor Presentation
March 2025
Zydus
A Global Lifesciences Company
 Zydus: Impacting patients’ lives through quality healthcare solutions

Zydus is a leading life sciences

Vision player...
…with a global footprint
To be a global life
sciences company API Alliances 1%
transforming lives
through pathbreaking
US$ 2.35 bn International 3%
Markets
India Revenues
40%
FY24 Global Revenue1 10%
discoveries FY24 Formulations
Sales 28%
US$ 2.30 bn1

Consumer
Mission US$ 650 mn US
46%
Wellness
FY24 EBITDA1 (12%)
To unlock new (27.5% margin)
possibilities in life
sciences through
quality healthcare
solutions that impact
lives US$ 158 mn 38 8 80+
Manufacturing Sites R&D Centers Countries
FY24 R&D spend1
(~7.0% of revenues)

Purpose
Empowering people
with the freedom to Leading #1 5th
live healthier and more
fulfilled lives
US$ 10 bn+ Player in Indian in 6 out of 7 consumer Largest generic co. in US
Market Capitalisation2 Pharma Market wellness brand in terms of prescription4
categories3
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 India formulations

✓ 5th largest generic player (Rx terms) ✓ One of the leading players in IPM
✓ Building presence in specialty & ✓ Strong presence across key super
505(b)(2) space organically and Specialty therapeutic areas like
through acquisition and partnerships Oncology, Nephrology,
✓ Presence In rare disease space (3 Gastroenterology
assets in portfolio, 2 commercialized) ✓ Rising share of innovation-led portfolio

International Markets (IM) Consumer Wellness

formulations ✓ Category leadership in 6 out of 7 brands
✓ Comprises of different countries of ✓ Brand building and distribution
emerging markets (EM) and Europe infrastructure expansion
✓ EM - Presence in key Rx markets of Asia, A global ✓ Enhancing presence in modern trade and
Africa and LATAM; Focus markets include lifesciences e-commerce segments
Mexico, Brazil, South Africa, Myanmar, etc. company ✓ Expanding international presence
✓ Europe - Direct presence in France, UK and
Spain

Alliances API
✓ Strategic Joint ventures and licensing ✓ Strong backward integration
arrangements with global players capabilities for formulations business
✓ Partner of choice for external
customers
✓ 250+ products portfolio
4
 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
✓ Acquired 3 assets viz. NULIBRY®, Zokinvy® and
✓ US Market CUTX101 in rare disease space in the US
▪ 483 ANDA filings, 415 approvals1 Orphan Disease ✓ 3 505(b)(2) launches of Sitagliptin franchise in the US
▪ Generics, Complex generics, CGT/ First Generic, NCE-1/ FTF and Specialty viz. ZituvioTM, ZituvimetTM and ZituvimetTM XR tablets.
products across dosage forms 505(b)(2) ✓ Presence in liquid orals space through LiqMeds
Global portfolio
▪ In-house development and partnerships
Generics
✓ India Market
▪ First-in-India – Day-1 launches and Next Generation Drug ✓ WHO pre-qualification for Typhoid Conjugate and
Delivery platforms Vaccines (for Rabies vaccine
global markets)
✓ Leading Indian player NCE:
✓ Pipeline of 25 products (incl.3 ADCs) - Launched 14 products ✓ Saroglitazar Magnesium (US market)
Biosimilars in India ▪ Phase II(b)/ III trials for PBC indication
✓ Expanding presence in emerging markets
▪ Phase II(b) trials for MASH indication
✓ Presence in India and emerging markets NCEs (for ✓ Desidustat – NMPA, China accepted an NDA for
✓ End-to-end development expertise global review
Vaccines ✓ 20+ vaccine products portfolio across platforms markets) and ✓ Usnoflast – Undergoing clinical trials for 4 indications
NBEs
NBEs:
✓ Launched 2 molecules in India viz. Saroglitazar Magnesium
✓ Targeting rare and orphan diseases and difficult to
and Desidustat
treat cancers
✓ Bilypsa® – Saroglitazar – First approved treatment for
MASH in India ✓ Foray into global MedTech space through both
NCEs organic and inorganic initiatives
✓ OxemiaTM – Desidustat – First OSD formulation for anemia
associated with CKD MedTech
5
Note: (1) As of December 2024
MedTech Foray
Strengthening Patient-centricity
 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
Driven by technological advancements, demographic shifts, and increasing healthcare
Others
expenditures
Asia 4… Americas
Regulatory landscape promoting innovation and quality (e.g., EU’s new Medical Device
23% Regulations (MDR) and US FDA’s Breakthrough Devices program)
45%
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
28%
Europe
Top 5 OEMs dominate >50% of the market, FY24E)
but emerging challengers are gaining ▪ India is currently heavily import-dependent (80% - 85% of medical devices sourced
ground with innovative tech, cost-efficient via imports)
solutions, and a service-oriented approach.
▪ 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 Orthopaedics +3.7% +4.1% 670
Assistive technology
510
products Ophthalmic +6.3% +5.4%
(e.g. hearing aids,
wheelchairs)
General & Plastic 350
+3.2% +5.7%
Clinical engineering Surgery
products
Endoscopic +7.3% +7.2%
Imaging devices
Active medical devices
(i.e. operating with electrical Other +4.9% +5.8% 2016A 2024E 2029E
energy)
7
Source: Industry research
 Zydus has identified three priority segments in the MedTech space
to build its global presence

Cardiology Nephrology Zydus MedTech – Growth levers

Product launches, inorganic opportunities Product pipeline

✓ Building presence in interventional cardiology

✓ Acquired manufacturing facility of Nano

✓ Address growing burden of Chronic Kidney
Therapeutics in 2024 located at Surat, Gujarat
Disease globally
✓ Capabilities across research, manufacturing
✓ Establishing dialyser manufacturing plant to
and sales
produce high end membranes
Inorganic
✓ Portfolio expansion through new launches Organic Partnerships
business
and partnerships business opportunities

Orthopaedics Other segments

Inorganic pipeline
Organizational
enablers
✓ Incorporated a new entity for the
✓ Entry into global Arthroplasty market
business
✓ Offer solutions for replacement of lower limb
✓ Onboarded 150+ core team members
joints ✓ Exploring other areas within the MedTech
with deep experience in MedTech
space
✓ Proposed acquisition of Amplitude Surgical,
✓ Cross functional teams (research,
formidable orthopaedics player in Europe
manufacturing, quality, regulatory,
with global reach
sales, finance, HR)

8
 Within MedTech, Orthopaedics is large and attractive

Orthopaedics market worldwide (in US$ bn) 2024E Segment breakdown

Spine
60
17%
Others 25%

45 Ortho
market 17% Knee
12%
35
Sports Med 15% 14%
o/w 31% for
Hip knee and hips
Trauma segment

Robotic-assisted surgery is becoming a

competitive necessity, with major players
investing heavily in next-generation surgical
2016A 2024E 2029E techniques and robotic solutions to improve
precision and patient outcomes

Key players and markets share (2024E)

22% 19% 18% 8% 5%

9
Source: Industry research
Amplitude Surgical
A Strong Orthopedics Player
 Amplitude Surgical – Formidable orthopaedics player in Europe
with global reach
…led by a seasoned executive team
Focused on high-quality orthopaedic products… with strong industry credentials

30
Olivier Jallabert
1997 25+ 30 420+ Founder & CEO
Founded Countries served Active Patents Employees

30
Muriel Benedetto
#2 #6 #6 Chief Operating Officer

Ranked in France for Ranked in Europe for Ranked in Brazil

Hips & Knees Hips & Knees
20
Dimitri Borchtch
Chief Financial Officer

€ 106 mn € 27 mn 7.4% 10.9%

FY241 Revenue FY241 EBITDA2 Revenue CAGR EBITDA CAGR
26
(25.6% EBITDA (FY20 – FY24) (FY20 – FY24)
margin) Bruno Jugnet
VP, Sales & Marketing

AMPLI € 166 mn 75.4% 24.6% 20

EURONEXT Listed Market Capitalization3 Owned by PAI Owned by Public Mireille Lemery
Partners4 Shareholders VP, Quality & Regulatory Manager

Source: Company information; Notes: (1) Financial year ending June; (2) FY24 reported EBITDA as per IFRS; (3) As of 10 th March 2025; (4) Including stake held Years of experience in
Years of financial experience
11
by management team of Amplitude orthopaedics
 Advanced portfolio complemented by computer assisted surgery
system, backed by strong R&D-led innovative solutions
FY24
Current portfolio offering Rev. Split1 Ongoing product development
Knee prosthesis Others
Team of ~40 staff dedicated to R&D, working in close
partnership with surgeons, patients, and universities
Knee

60% Knee
Amplivision i.M.A.G.E. system
Anatomic Score II Trax CR Uni Score
Custom cutting
Fixed Mobile Fixed Unicompartiment Computer
guide
al assisted
bearing bearing bearing
knee prosthesis surgery program
system (3D Hip
printing)

Acetabular components Femoral stems Others

Robo
Robot
t

✓ Ongoing development of a robotic solution for knee

surgery
Evok Fair
✓ Aim to address current market demand with innovative
Hip

Stellar Saturne II
33% features and competitive pricing

E.T.O.I.L.E Highest quality standards

Orthopaedic table
Horizon Initiale extension
Austral Acor
II
Others

7%
Marker Sports Amplifix
Instrument used in medicine Medical cement
navigation
Fully in-house R&D with 30 active patents and extensive track record of
Internalized production to ensure quality consistency and cost efficiency
innovation
12
Source: Company information; Notes: (1) Financial year ending June
 Geographic footprint & in-house capabilities

Value chain positioning Geographic footprint

Research and Development
International distributors
✓ Run fully in-house with 30 active patents 20+ distribution centres across
✓ Extensive track record of innovation Europe, LATAM, Africa, Middle East,
France and APAC
4 sites including Group HQ, a brand-
Manufacturing new manufacturing site, and a logistic
centre, with 5 regional sales
✓ Internalized production of selected critical parts subsidiaries
ensuring quality consistency and cost control
✓ Outsourcing of high-volumes, less value-add
processes
Amplitude international subsidiaries
Marketing
6 international sales subsidiaries covering
Subsidiaries with local Europe, LATAM, APAC, and Africa
✓ Historically in-house with strong technical / product HQ
knowledge and medical education
Distributors
Distribution
Production plant with group HQ
✓ In-house or externalized to agents / distributors
depending on the region

France market Brazil market Australia market India market

(in US$ mn) (in US$ mn) (in US$ mn) (in US$ mn)

Orthopaedics 1,900
1,700
Devices 1,500
1,300
Market Size 1,000
800 900
600 500 600 400 600
2016A 2024E 2029E 2016A 2024E 2029E 2016A 2024E 2029E 2016A 2024E 2029E
13
Source: Company information; Industry research
 Transaction rationale – Amplitude Surgical to act as a platform to
execute Zydus’ global MedTech strategy
Right fit with Zydus’ strategy of creating an entire ecosystem focused on “Patient
Business segment centricity” by offering high quality products and solutions
Medical
technology is a
natural extension
Leading position in the attractive orthopaedics market with global reach (#2 in for Zydus having
Leadership France, #6 in Europe, #6 in Brazil) a proven track
record in life
sciences and
Extensive, high-quality offering compliant with highest quality standards and wellness
Product portfolio regulations enhanced by ongoing product development pipeline and computer
assisted program

Access to dedicated R&D personnel working in close partnership with various

R&D stakeholders to develop technologically advanced products (e.g. Andy – Surgical
Robot)
Amplitude
Surgical is a well-
invested
Synergies Zydus’ operational excellence and current global footprint will enable potential international
synergies and efficiencies
orthopaedics
leader with
several
Attractive financial € 100 mn+ revenue and superior margin profile with continuous management differentiating
profile initiatives to optimize business model and maximize value creation pillars to capture
future growth

Positions MedTech as a sizeable and profitable growth pillar for Zydus Group
14
Source: Company information
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
15
What next for Zydus MedTech

MedTech to be a new growth enabler for Zydus Group

Manufacturing centre of
Global footprint R&D centre of excellence Strong supplier ecosystem
excellence

Innovation focus
High quality products Cutting edge capabilities Vertical integration
Strong R&D team

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
Registered Office:
www.linkedin.com/company/zyduslife
Zydus Corporate Park, Scheme No. 63, Survey No. 536,
Khoraj (Gandhinagar), Nr. Vaishnodevi Circle,
Sarkhej-Gandhinagar Highway,
Ahmedabad – 382 481
Gujarat, India