Carlyle and PAI have agreed to sell women's health business Theramex to private equity group Cinven in a deal worth €2.6bn, according to a statement on Tuesday. The valuation is almost double the roughly €1.4bn that Carlyle and PAI paid for the London-based company in 2022, marking a strong return for its backers at a time when the private equity industry is struggling to offload assets within typical timelines.
Theramex specialises in areas including menopause, fertility, contraception, uterine health and osteoporosis, with operations in more than 80 countries across Europe, Asia, Africa and Latin America. Its portfolio includes hormone replacement therapy products for menopause symptoms.
Investors at both firms said they saw an opportunity to expand Theramex by growing its existing business, streamlining its supply chain and adding new products, including through acquisitions. Sébastien Veil, a partner at Paris-based PAI, said women's health is often overlooked in healthcare, with segments such as menopause, osteoporosis and endometriosis showing very strong social need and significant unmet demand. Lubna Qunash, a partner at Carlyle, pointed to growing treatment and diagnostic rates and the successful launch of innovative new products.
The sale follows a string of European healthcare deals involving private equity, including Cap Vest's €10bn acquisition of German drugmaker Stada from Bain Capital and Cinven, and GTCR's €4.1bn takeover of Zentiva from Advent.
Source: Financial Times Companies · Summarized by HeadlinesBriefing