At what enterprise value was Synthon International acquired in 2024?

During the acquisition of Synthon International by GOLDMAN SACHS in 2024, the company was valued at an estimated revenue multiple of 5x - 12x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Healthcare & Pharma industry currently tracks an average EBITDA multiple of 15.6x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of Synthon International when it was acquired by GOLDMAN SACHS?

The estimated EV/EBITDA multiple for Synthon International is in the range of 15x - 25x. For comparison, the Healthcare & Pharma sector currently shows an average EBITDA multiple of 15.6x. Join our community for free to access full valuation data and industry trends.

When was Synthon International acquired by GOLDMAN SACHS?

Synthon International was acquired by GOLDMAN SACHS in 2024.

What was the revenue of Synthon International at the time of the deal?

The revenue of Synthon International at the time of the deal is estimated to be in the range of 250M - 500M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of Synthon International during the acquisition?

Synthon International's EBITDA is estimated to be in the range of 100M - 200M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the Synthon International acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the Synthon International deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://am.gs.com/en-fr/institutions/news/press-release/2024/goldman-sachs-private-equity-investment-synthon

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Home Database Healthcare & PharmaSynthon International

12/2024

GOLDMAN SACHS takes majority stake in Synthon International

NETHERLANDS Life Sciences / Pharma & Biotech / Generics / Labs EV 1b - 4b EUR

Context

Controlled by BC Partners since 2019, Synthon International Holding B.V. entered into a sale agreement on December 16, 2024 under which the private equity business of Goldman Sachs Alternatives will acquire majority control. The vendor is reinvesting proceeds to retain a minority shareholding in the business alongside incumbent executive managers. For the 2024 financial year, the pharmaceutical platform reported adjusted EBITDA of €125M, representing of margin. Across five years of sponsor ownership alongside chief executive Anish Mehta, the company expanded its manufacturing base and launched several generic treatments, including Axitinib and Eltrombopag in Europe as well as Glatiramer in the United States. The capital structure arranged for the buyout includes an equity contribution, a €775 million senior secured Term Loan B, and a €120 million revolving credit facility, arranged to refinance an existing €260 million debt facility and cover transaction expenses. Expected to close in the second quarter of 2025 subject to regulatory clearances, the transaction involves advisory mandates for Rothschild & Co, Barclays, Latham & Watkins, and PwC on the sell-side, with Goldman Sachs International, Jefferies, White & Case, Deloitte, A&O Shearman, and Sullivan & Cromwell advising the purchaser.

It is worth noting that the fund Bc Partners took control of Synthon International through an LBO in 2019.

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Target

Synthon International Holding B.V., founded in 1991 by Dr. Jacques Lemmens and headquartered in Nijmegen, the Netherlands, is dedicated to the formulation research, clinical development, and chemical synthesis of small-molecule generic drugs and complex hybrid treatments. Synthon monetizes its proprietary portfolio through commercial out-licensing agreements, long-term supply arrangements, and co-distribution partnerships negotiated with global pharmaceutical corporations, complemented by direct commercial operations across designated regional territories. Its organizational structure covers the full pharmaceutical development cycle, encompassing chemical synthesis, bioequivalence studies, regulatory filing execution across health agencies, and commercial drug production handled directly within proprietary laboratories and production units. The company focuses on the scalable supply of affordable, scientifically demanding medicines to alleviate healthcare procurement burdens across diversified global therapeutic segments.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

FREE VIEW

Year

Rev

EBITDA

EBIT

2024

125M

2023

Other operations with Synthon International

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
07/2019	BC PARTNERS	Synthon International	NETHERLANDS	Generics / Labs

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Synthon International by GOLDMAN SACHS 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: synthon international

Acquirer: goldman sachs