Cinven has agreed to acquire women’s healthcare specialist Theramex from Carlyle and PAI Partners in a transaction valued at approximately €2.6bn, almost double the €1.4bn paid by the sellers four years earlier, according to a report by the Financial Times.
Carlyle and PAI acquired London-based Theramex in 2022 and have since expanded its product portfolio, streamlined its supply chain and supported growth through acquisitions and new product launches. The exit represents a significant realisation for the two private equity firms amid a challenging European buyout market, where sponsors have faced growing pressure to return capital to investors.
Theramex specialises in women’s healthcare treatments covering menopause, fertility, contraception and osteoporosis, with operations spanning more than 80 countries across Europe, Asia, Africa and Latin America. Its portfolio includes hormone replacement therapies and treatments addressing areas of significant unmet medical demand.
Cinven reportedly intends to support further international expansion and product development, targeting growth in underserved areas of women’s health. The acquisition follows a series of major European healthcare buyouts, including CapVest’s €10bn acquisition of Stada from Bain Capital and Cinven, and GTCR’s €4.1bn purchase of Zentiva from Advent International.
