Carlyle and PAI Partners to acquire Theramex

Global investment firms Carlyle and PAI Partners have agreed to acquire Theramex, a pharmaceuticals company focused on women’s health, from CVC Capital Partners VI.

Theramex was created following the carve-out of a portfolio of women’s health pharma products in 2018, and has subsequently developed into a large speciality pharma platform dedicated to women and their health. The company provides solutions across contraception, fertility, menopause and osteoporosis.

Under CVC Funds’ ownership, Theramex has focused on building relationships with physicians through its sales force, investing in digital capabilities and executing an M&A agenda to bring new products to market, resulting in double-digit revenue and EBITDA growth since 2018. The company now caters to more than six million women in 57 countries and employs approximately 480 people.

Under Carlyle and PAI Partners’ ownership, Theramex will seek to expand its suite of products across existing and adjacent therapeutic areas and accelerate international expansion.

Carlyle has had a long-term global focus on healthcare, a sector in which the firm has invested $15 billion to date. It has experience of scaling global pharma businesses, such as iNova, Curia and PPD, and specifically in women’s health, through its investment in Millicent Pharma. PAI also has sector experience in healthcare, which is one of its four core sectors of focus, and the firm has made 10 investments, including those in pharmaceutical companies, Ethypharm and Ipsen.

Robert Stewart, chief executive of Theramex said: “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. 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.”

In a statement PAI partners Sebastien Veil and Andreas Kumeth said: “We were attracted to Theramex given its strong heritage in women’s health and outstanding reputation for delivering effective and safe solutions that support and care for women around the world. We look forward to leveraging PAI’s extensive healthcare network and capital to support organic and inorganic growth initiatives for Theramex and partnering with the management team to support the continued expansion of the platform.”

Lubna Qunash and Philipp Meyer, managing directors of the Carlyle Europe Partners advisory team, added: “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. This acquisition demonstrates our strategic commitment to the healthcare sector in Europe, and together with PAI, we look forward to partnering with the Theramex management team and utilising our significant resources and global network to support their international growth ambitions.”

Cathrin Petty, a managing partner and global head of healthcare at CVC, commented: “Theramex has been at the forefront of raising awareness and delivering better therapies for women across the globe, particularly in relation to menopause, endometriosis and osteoporosis. As a team, we are very proud to have supported the fantastic Theramex leadership, from the head office through supply chain experts, through to the country leadership and our dedicated sales force – all of whom have a dedication to making a difference to women’s lives.”

Carlyle and PAI Partners were jointly advised by Morgan Stanley, Jefferies and Greenhill & Co (M&A), Linklaters and Allen & Overy (legal), and PwC (financial). CVC was advised by Rothschild & Co and HSBC (M&A) Latham & Watkins (legal), EY (financial), and IQVIA (commercial).

The financial terms of the transaction are not being disclosed.

Date published: March 28, 2022

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