Private equity giants snap up women’s health firm Theramex for £1.2bn
Investment giants Carlyle Group and PAI Partners have agreed a deal to snap up women’s pharma business Theramex from CVC Funds as they look to accelerate the firm’s growth plans.
Theramex, which was created following the carve-out of a portfolio of women’s pharma products across areas including contraception, fertility and menopause in 2018, has been bought by the firms for around £1.2bn, City PM understands.
Theramex bosses said the new ownership would allow the firm to ramp up growth plans after years of foundation building with CVC.
“I am delighted to have the support of both Carlyle and PAI Partners investing in the business, which will allow us to further accelerate our growth,” Robert Stewart, CEO said.
“I also want to thank CVC for being such a fantastic partner over the last years. Together, we have built one of the world’s largest pharmaceutical companies dedicated solely to women’s health, improving lives and ensuring these important products are made available to all who need them.”
Stewart said that under CVC Funds’ ownership, the firm had focussed on “building loyal relationships” with doctors and executing a successful M&A programme.
Bosses at PAI and Carlyle said they were looking forward to helping the firm realise its international growth ambitions.
“We believe that Theramex’s long-standing and established position as a women’s health champion with a broad and complementary product portfolio are distinctive attributes which position the business well for continued success,” said Lubna Qunash and Philipp Meyer, managing directors of the Carlyle Europe Partners advisory team.
Theramex has already achieved double-digit revenue and earnings growth since it was formed in 2018 and serves more than six million women in 57 countries, it said in its statement today.
Bidders were preparing debt financings totaling as much as 800 million euros to back the Theramex acquisition, Bloomberg News reported on March 25.