Astorg and Goldman Sachs have completed the acquisition of HRA Pharma, signaling a major professionalization phase for the niche pharmaceutical laboratory. The strategic rationale for this transaction hinges on an "international-acceleration" maneuver, merging the target’s technical operational depth in hormonal health with the sponsors’ massive global network and institutional resources. This structural alignment provides the organization with the strategic hardware and capital necessary to target aggressive expansion into the United States and other high-potential global markets. The move specifically leverages the target's unique Rx-to-OTC switch prowess, a high-barrier technical capability that transforms clinical assets into scalable consumer brands. By incorporating the sponsors' strategic discipline, the group is now positioned to pivot from a European-centric leader to a global champion in the women’s health segment.

This transaction is part of the Healthcare & Pharma industry, which currently tracks an average EBITDA multiple of 13.3x since the beginning of 2026, 1.5% decrease compared to 2025. This data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.