BIOGARAN acquired by BC PARTNERS
Context
BC Partners, a leading European investment firm, and Bpifrance have finalized the landmark acquisition of Biogaran from Servier. As a cornerstone of the French pharmaceutical industry and the domestic leader in generic medicines, Biogaran enters a new phase of independence. The transaction was completed on January 30, 2026, following regulatory approvals and strict oversight regarding foreign investment in France.
BIOGARAN, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the Healthcare & Pharma sector (14.3x).
-> Deep-dive in Healthcare & Pharma market trends
Target
Biogaran is the undisputed market leader in the French generic pharmaceutical and biosimilars sector, commanding an estimated 30% market share. Founded in 1996 and based in France, the company operates as a key commercial subsidiary of Servier Laboratories. Its robust business model centers on the commercialization of an extensive portfolio of over 900 pharmaceutical products covering nearly all therapeutic areas, distributed nationwide through a network of more than 10,000 retail pharmacies. The company differentiates itself through a resilient, localized supply chain, with over 50% of its manufacturing based in France and 90% within Europe.
Ent. Value
€500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
5x–12x
EV / EBIT
[members only]
Historical Financials (EUR)
Similar deals in Life Sciences
Similar deals in Life Sciences
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2025 | WARBURG PINCUS | SEBIA | FRANCE | Diagnostic Equipment |
| 08/2025 | TERUMO | ORGANOX | UNITED KINGDOM | Medical Devices |
| 07/2025 | PATRICIA INDUSTRIES | NOVA BIOMEDICAL | UNITED STATES | Diagnostic Equipment |
| 05/2025 | IK PARTNERS | BIOBANK | FRANCE | Implants & Prosthetics |
| 05/2025 | OTTOBOCK | MATTON ORTHOMEDI | BELGIUM | Implants & Prosthetics |
| 04/2025 | Knop Investments | AVANCE CARE GROUP | NETHERLANDS | Medical Devices |
| 04/2025 | CINVEN | NUTRISENS | FRANCE | Nutrition & Dietary Supplements |
| 04/2025 | INSTITUT MERIEUX / ARCHIMED | CEVA SANTE ANIMALE | FRANCE | Animal Health |
| 04/2025 | PATIENT SQUARE CAPITAL | PATTERSON COMPANIES | UNITED STATES | Medical Consumables |
| 04/2025 | NORGINE | THERAVIA | FRANCE | Generics / Labs |
Other operations with BC PARTNERS
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 07/2026 | BC PARTNERS | InfoRLife | SWITZERLAND | CDMO |
| 03/2026 | BC PARTNERS | FORTIDIA | ITALY | Warehousing / 3PL |
| 06/2025 | BC PARTNERS | IGS GeboJagema | NETHERLANDS | Machine Tools |
| 02/2025 | BC PARTNERS | PETLAB | UNITED KINGDOM | Pet Care |
| 07/2022 | BC PARTNERS / BAIN CAPITAL | FEDRIGONI GROUP | ITALY | Labels & Adhesives |
| 06/2022 | BC PARTNERS | HAVEA | FRANCE | Hygiene & Beauty Brands |
| 08/2021 | BC PARTNERS / CPPIB (CANADA PENSION PLAN INVESTMENT BOARD) | CERAMTEC | GERMANY | Glass & Ceramics |
| 02/2021 | BC PARTNERS | IMA GROUP | ITALY | Robotics & Automation |
| 01/2020 | BC PARTNERS | PASTICCERIA BINDI | ITALY | Food Products |
| 08/2019 | BC PARTNERS | Presidio | UNITED STATES | Consulting & Integration |
REFERENCES
Valuation range: EV €500M–1.5bn
Revenue range: €500M–1bn
EBITDA range: €100–200M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of BIOGARAN by BC PARTNERS are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: biogaran
Acquirer: bc partners