Astorg Partners has entered into a definitive agreement to acquire a 60% majority stake in Ethypharm. The transaction follows a competitive sale process that included both industrial players and other private equity funds. The operation marks a resolution to a long-standing governance conflict between the laboratory's founding shareholders. Under the new ownership structure, the management team and current CEO will retain approximately 29% of the capital, while Intermediate Capital Group (ICG) and other minor shareholders will hold the remaining balance. The strategic rationale for the acquisition is to support Ethypharm’s transition from a primarily European player into a global leader in sophisticated galenic forms. Astorg Partners intends to accelerate the laboratory's development in North America, specifically targeting acquisitions to gain a local foothold in that market. The investment aims to capitalize on the target's strong historical growth rate and its specialized technical capabilities. The management team will remain in place to ensure operational continuity and execute the internationalization strategy, focusing on scaling the company’s R&D-driven business model while maintaining its established production excellence in Europe and Asia.

ETHYPHARM, which reported an EBITDA margin of LOGIN in 2007, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN discount to the 12.8x average currently observed in the Healthcare & Pharma sector.

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