Indian medical devices firm Sahajanand Medical Technologies (SMT) has acquired a majority stake in Brazil-based medical devices solution provider Zarek Distribuidora De Produtos Hospitalares for an undisclosed amount.

SMT made the acquisition through its Irish subsidiary.

Established in 2007, Zarek’s product portfolio includes interventional cardiology and endovascular products such as coronary and peripheral stents and drug-eluting balloons.

The acquisition forms part of SMT’s strategy to boost its market share in the Brazilian healthcare market.

Commenting on the deal, SMT corporate strategy head Gaurav Goel said: “The acquisition of Zarek is a step towards creating a direct presence in major markets across the globe.

“Brazil is the largest market in Latin America and is a key market for us. This acquisition would give SMT direct presence providing more flexibility in terms of customer service and engagement.”

The firm also revealed plans to hire more staff to promote its fourth generation drug-eluting coronary stents Supraflex Cruz and Supraflex Star in Brazil.

Recently, SMT also received approval from the Brazilian medical device market regulator ANVISA for these products.

Zarek CEO Diego Mucelin said: “This partnership would help us to serve the entire Brazilian market more efficiently and quickly, providing the best medical devices care. I am sure that this step would turn us much stronger and competitive, creating more opportunities for business, jobs and international investments in Brazil.”

Through the acquisition, SMT is planning to cater to other Latin American countries that share land borders with Brazil, such as Argentina, Bolivia, Colombia, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela.

As a member of the South American Common Market, Brazil has free trade agreements with most of these countries.