PAI Partners is preparing a potential sale of French pharmaceuticals group Ethypharm, in a deal that could value the business at more than €1bn ($1.2bn), according to a report by Bloomberg citing unnamed people familiar with the matter.
The Paris-based private equity firm has appointed Jefferies to run an auction process, with interest reportedly emerging from rival buyout funds and strategic buyers.
Headquartered in Saint-Cloud, Ethypharm specialises in treatments for central nervous system disorders and opioid addiction. Its portfolio includes widely prescribed molecules such as methadone, buprenorphine and naloxone, central to opioid substitution and overdose reversal therapies.
While the opioid focus may deter some potential bidders due to regulatory sensitivities, the company remains an attractive asset in Europe’s healthcare market. Discussions though, are still at an early stage, and no transaction is certain, according to Bloomberg’s sources.
The possible exit comes as private equity firms step up disposals to return capital to LPs. Healthcare has been a particularly active sector, with Bain and Cinven’s €10bn sale of Stada to CapVest Partners earlier this month marking Europe’s largest LBO of 2025, while Advent sold generics group Zentiva to GTCR for $4.8bn.
