ILSL, subsidiary of Bengaluru-based Indegene Lifesystems, has acquired New York-based healthcare marketing agency CultHealth. However, the firm did not disclose the size of the acquisition.
With this acquisition, Indegene hopes to strengthen its portfolio ahead of its upcoming initial public offering (IPO). The acquisition expands Indegene’s offerings by adding brand strategy and market development capabilities, as well as patient engagement platforms.
Indegene was founded in 1998 and specialises in natural science and engineering research and development. It has a global presence in the United States, the United Kingdom, Europe, China, Japan, and India. The company is also planning an IPO, which is expected to raise Rs 2,500 crore. Last month, it hired bankers from JP Morgan India and Kotak Mahindra Capital. In fiscal year 2022, the company made $223 million in sales.
“With CultHealth, our life sciences clients benefit from partnering with a single service provider, all the way from brand strategy through commercialisation,” said Manish Gupta, Executive Director and Chief Executive Officer, Indegene.
CultHealth, founded in 2005, is a full-service advertising and marketing agency that develops strategies, creative, and innovative tactics to build connections or “cult followings” between brands and their audience. It engages with life sciences companies at an academic level to derive insights for brand campaigns and creatives.
Indegene raised $200 million from US-based investment firms Carlyle Group and Brighton Park Capital last year to fund acquisitions and global expansion plans.