Cinven to Acquire Women's Health Company Theramex for €2.6 Billion

Carlyle and PAI Partners have agreed to sell London-based women's health company Theramex to private equity firm Cinven for €2.6 billion. According to Sina Finance, the deal values Theramex at about €2.6 billion, more than double the approximately €1.2 billion Carlyle and PAI paid for the company in 2022. Theramex focuses on menopause, fertility and osteoporosis, and operates in more than 80 countries across Europe, Asia, Africa and Latin America. Its portfolio includes treatments for fertility, contraception and uterine health, as well as hormone replacement therapy medicines for menopause symptoms. Sebastian Weil, a PAI partner and head of its healthcare team in Paris, said women's health had long been neglected in healthcare and that several areas had significant social and unmet clinical needs. Lubna Kounash, Carlyle's European healthcare partner, said growth could come from developing existing products and successfully launching innovative medicines. Other recent European private equity healthcare deals include CapVest's €10 billion acquisition of Stada from Bain Capital and Cinven, and GTCR's €4.1 billion purchase of Zentiva from Advent.