Chicago-based private equity firm GTCR is in financing talks with direct lenders, including KKR, to support a potential acquisition of European generics drugmaker Zentiva, according to a report by Bloomberg citing unnamed people familiar with the matter.
The discussions are ongoing and may not result in a transaction, but a successful bid could value Zentiva at around €5bn ($5.8bn). Other suitors reported to have weighed offers include TPG and India’s Aurobindo Pharma.
Advent International acquired Zentiva from Sanofi in 2018 for €1.9bn and has since expanded the business across Europe, where it now manufactures more than 500 products in 900 formulations, covering therapies from blood diseases to pain relief. Advent appointed Goldman Sachs and PJT Partners last year to explore strategic options, including a sale.
A buyout of Zentiva would mark one of the largest private equity healthcare transactions in Europe this year and highlights the increasing role of private credit in financing multi-billion euro deals. Sponsors are increasingly turning to direct lenders for speed and flexibility, amid volatile syndicated loan and bond markets.
Global M&A activity has also shown signs of recovery after a muted start to 2025, with $2.7tn of deals announced year-to-date – up more than 25% on the same period last year, Bloomberg data show.
