Private equity firm Cinven has agreed to acquire Theramex, the London-headquartered pharmaceutical company specialising in women’s health, in a deal reportedly valued at €2.6bn.
The transaction marks another major acquisition in the women’s health sector, with Cinven buying the business from Carlyle and PAI Partners, which acquired Theramex in 2022 for approximately €1.4bn.
Although financial terms have not been officially disclosed, the Financial Times reports that the latest deal values Theramex at around €2.6bn, an increase of approximately 86% over four years.
Theramex develops, licenses and commercialises treatments across menopause, osteoporosis, contraception, uterine health and fertility. Its products have reached more than six million women across over 80 countries.
Four years of growth
Carlyle and PAI Partners say Theramex has more than doubled its EBITDA since their acquisition in 2022.
During that period, the company has expanded its portfolio through new product launches, acquisitions and licensing agreements, while strengthening its commercial operations across 17 direct markets.
Cinven now plans to build on that growth, expanding Theramex’s international presence and bringing additional treatments into its portfolio through licensing opportunities and further geographical expansion.
“With Cinven, we have the right partner for our next chapter, and we share an ambition to become the global leader in women’s health,” said Robert Stewart, CEO of Theramex.
Another major women’s health transaction
While much of the attention around women’s health investment focuses on early-stage startups and new technologies, Theramex represents an established pharmaceutical platform with existing products, international distribution networks and a track record of commercial growth.
Cinven has identified women’s health as an attractive market, pointing in its announcement on the deal to substantial unmet medical needs, particularly in menopause and osteoporosis, alongside opportunities to expand access to existing and new treatments.
The deal also follows several significant transactions in women’s health, including Ferring’s proposed acquisition of fertility biotech Gameto for up to $1.38bn and Ennogen Healthcare International’s acquisition of European rights to menopause treatment Ovestin in a reported $220m sale.
The Theramex transaction remains subject to regulatory approvals and is expected to close in the first half of 2027.