HARPOON THERAPEUTICS acquired by MERCK & CO.

Kühne Holding AG has entered into a definitive agreement to acquire a majority stake in Aenova Group from the international investment firm BC Partners. In a move to ensure continuity and strategic alignment, funds advised by BC Partners will reinvest alongside Kühne Holding to maintain a minority position in the company. The transaction was structured and executed in close partnership with E3X Partners, acting as the lead advisor and investment partner for the Kühne family vehicle. The strategic rationale for the acquisition is focused on expanding Kühne Holding’s portfolio into the pharmaceutical services sector, attracted by Aenova’s strong financial foundation and long-term growth prospects. Under BC Partners' ownership, Aenova achieved record financial results and established itself as a top-ten global CDMO. The new ownership structure is designed to transition the company from a traditional private equity cycle to a long-term "evergreen" investment horizon, providing the stability needed to build highly sought-after technology platforms and specialized development services.

The acquisition of Peters Surgical by Advanced Medical Solutions Group plc is a strategic move to expand AMS's portfolio of surgical products and strengthen its presence in the global wound closure and tissue repair market. The transaction will enable Peters Surgical to benefit from complementary product portfolios, sales forces, commercial presence, and distribution networks. The acquisition is expected to create a leading player in the advanced wound closure and surgical closure market, with a comprehensive portfolio of products and a strong global presence. The combined entity will have increased direct sales capabilities in key markets, including France, the USA, Germany, India, Poland, and Belgium, and will be well-positioned to capitalize on cross-selling and upselling opportunities. The acquisition is subject to approval by the French authorities and is expected to be completed in 2024.

Marle Group has acquired Nowak from a consortium of private equity investors led by Siparex Midcap, alongside Bpifrance, Unexo, and the management team. This acquisition strengthens Marle's vertical integration by adding specialized casting capabilities. The deal follows a successful transformation period under Siparex (2018-2023), where Nowak shifted its focus toward the medical sector and acquired Belmonte. The transaction was financed via a unitranche debt facility provided by Capza.

ANJAC acquired STEPHID to diversify its industrial portfolio into the high-growth luxury fragrance and "niche" perfumery segments. This marks the group's 10th acquisition in six years. The integration allows ANJAC to offer "complementary expertise" (skincare + fragrance) to its existing premium client base. STEPHID benefits from ANJAC's industrial scale to fund capacity expansion while retaining its artisanal identity and current governance.

Paragon Medical has been acquired by AMETEK. This successful acquisition represents a significant tactical expansion of the group’s capabilities within the high-growth healthcare technology sector. Paragon Medical will join AMETEK’s Electromechanical division, creating a more diversified portfolio of mission-critical medical solutions. The strategic rationale hinges on the fusion of Paragon Medical’s leadership in surgical instrumentation and implantable components with AMETEK’s global reach and industrialized operating model. This operation will enable AMETEK to reinforce its ability to address the increasing demand for advanced orthopedic and robotic surgical tools driven by aging global demographics and the shift toward minimally invasive procedures.

Luxempart acquired a substantial minority stake in Alphacaps GmbH. The deal is meticulously designed to establish a long-term, highly aligned partnership between the historical owners and the incoming financial sponsor. By providing a flexible capital solution, Luxempart injects fresh momentum into the enterprise, perfectly equipping the incumbent management team with the vital strategic backing and resources required to actively execute their ongoing development roadmap. The primary objective of this new alliance is to massively accelerate the target's expansion within the fast-growing European nutritional supplements market.

The takeover of the SAES Getters Nitinol business by Resonetics establishes a rare, end-to-end metallurgical capability within the medical CDMO landscape. By absorbing the complete production chain—from the furnace to the finished catheter component—the organization bypasses the traditional constraints of specialized material procurement. This strategic consolidation addresses a critical bottleneck in the interventional device market, where high-grade Nitinol supply often dictates project timelines. Beyond simple supply chain security, the integration enables a deeper level of innovation; the group can now customize alloy chemistry to optimize the mechanical response of next-generation stents and heart valves. This move effectively insulates the platform from upstream price volatility and technical dependencies on external metal suppliers. By merging raw alloy science with precision laser-cutting expertise, the group offers a unique, high-security value proposition to global medtech OEMs.

Eurazeo has completed the sale of D.O.R.C. to Carl Zeiss Meditec AG. This transaction marks the successful conclusion of a four-year transformation under Eurazeo's ownership, during which D.O.R.C. evolved from a European champion into a global platform. The strategic rationale for Zeiss is to create a comprehensive "end-to-end" offering for ophthalmologists. By integrating D.O.R.C.'s leading vitreoretinal surgical systems with Zeiss's existing portfolio of diagnostics, microscopes, and digital workflows, the combined entity becomes a one-stop-shop for eye care providers. The deal also unlocks significant cross-selling opportunities, leveraging Zeiss's massive global distribution network to accelerate the adoption of D.O.R.C.'s products in under-penetrated markets.

Oakley Capital, through its Fund V, has successfully finalized the acquisition of Flemming Dental, Excent, and Artinorway Group in a strategic carve-out from European Dental Group (EDG). This transaction consolidates three major regional players to form one of the premier independent dental laboratory groups in Europe. The strategic rationale for the move centers on the high degree of fragmentation in the European dental lab market, which presents significant opportunities for value creation through a disciplined buy-and-build strategy. By separating these entities from a broader services provider, the group aims to establish an independent technical leader focused exclusively on the accelerating digitalization of the prosthetic and orthodontic sectors. The partnership focuses on leveraging the acquirer’s expertise in technological innovation and international expansion to scale the group’s existing network across European borders. This integration is designed to accelerate the adoption of cutting-edge CAD/CAM and 3D printing technologies, enhancing precision and delivery speed for its combined base of clinics. This transaction reinforces the group’s standing as a primary enabler of the digital transformation within the oral care supply chain, providing the strategic depth required to achieve global market leadership.

EQT Private Equity has agreed to sell 100% of Schülke to a consortium led by ATHOS, following a highly successful three-year transformation period. EQT originally acquired the company in a 2020 carve-out from Air Liquide for approximately €1.0 billion. During its ownership, EQT repositioned Schülke as a pure-play healthcare leader, executing five add-on acquisitions and divesting the personal care division. This strategic focus resulted in double-digit annual revenue growth and a near doubling of EBITDA in the core healthcare segment. The sale to the ATHOS Consortium represents a transition from institutional private equity to long-term family office ownership, aligning with Schülke’s 135-year heritage and its mission to protect lives worldwide.