HRA PHARMA acquired by ASTORG & GOLDMAN SACHS
Context
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.
HRA PHARMA, which reported an EBITDA margin of [members only] in 2015, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).
-> Deep-dive in Healthcare & Pharma market trends
Target
HRA Pharma is a high-growth, innovative consumer healthcare organization that thrives on a philosophy of empowering individuals through accessible, value-added self-care solutions. The organization operates as a specialist in the development and marketing of market-leading brands across three core technical domains: women's health, blister care, and scar care. A primary pillar of its strategy is the "Rx-to-OTC" switch expertise, a sophisticated regulatory and commercial process that transitions prescription-only medications into the non-prescription retail landscape.
Ent. Value
€50–100M
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (EUR)
Other operations with HRA PHARMA
Other operations with HRA PHARMA
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 09/2021 | PERRIGO COMPANY | HRA PHARMA | FRANCE | Generics / Labs |
Similar deals in Life Sciences
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 03/2016 | PSP INVESTMENTS | ANTELLIQ | FRANCE | Animal Health |
| 03/2016 | CVC | DOC GENERICI | ITALY | Generics / Labs |
| 02/2016 | TE CONNECTIVITY | CREGANNA MEDICAL | Ireland | Medical Devices |
| 07/2015 | PERRIGO COMPANY | NATURWOHL PHARMA (YOKEBE) | GERMANY | Generics / Labs |
| 06/2015 | BC PARTNERS | PHARMATHEN | GREECE | CDMO |
| 06/2015 | WHITEWAVE | VEGA | CANADA | Nutrition & Dietary Supplements |
| 11/2014 | PERRIGO COMPANY | OMEGA PHARMA | BELGIUM | Generics / Labs |
| 11/2014 | QUALIUM | IMV TECHNOLOGIES | FRANCE | R&D Biotech |
| 09/2014 | INSTITUT MERIEUX / SAGARD / SOFIPROTEOL | CEVA SANTE ANIMALE | FRANCE | Animal Health |
| 03/2014 | MONTAGU PRIVATE EQUITY | Arkopharma | FRANCE | Nutrition & Dietary Supplements |
Other operations with ASTORG / GOLDMAN SACHS
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 04/2026 | ASTORG | THERMO FISHER MICROBIOLOGY | UNITED STATES | Diagnostic Equipment |
| 03/2026 | ASTORG | BARKENE | FRANCE | Security & Guarding |
| 04/2025 | ASTORG | SOLABIA | FRANCE | Specialty Chemicals |
| 11/2024 | ASTORG | Redslim | SWITZERLAND | Data & AI Consulting |
| 10/2024 | ASTORG | LEBRONZE ALLOYS | FRANCE | Metallurgy / Foundry |
| 07/2024 | ASTORG | NORMEC | NETHERLANDS | TIC (Testing, Inspection, Certification) |
| 07/2024 | ASTORG | NEXPRING HEALTH EX HAMILTON THORNE | UNITED STATES | Medical Devices |
| 03/2024 | ASTORG | STELIAU TECHNOLOGY | FRANCE | Electrical Equipment |
| 06/2022 | ASTORG / GENERAL ATLANTIC | ECOVADIS | FRANCE | Industry-Specific Software |
| 06/2022 | ASTORG | OPEN HEALTH | UNITED STATES | Healthcare Services |
REFERENCES
Revenue range: €50–100M
EBITDA range: €5–25M
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of HRA PHARMA by ASTORG / 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.
Press release: view release
Acquirer: astorg / goldman sachs