IVENIX acquired by FRESENIUS

Astorg has entered into an agreement to acquire CordenPharma from International Chemical Investors Group (ICIG), a leading pharmaceutical contract development and manufacturing organization (CDMO) specializing in complex drug development and manufacturing. CordenPharma covers the full pharmaceutical lifecycle, from early-stage development through to large-scale commercial production. The company operates a diversified technology platform spanning peptides, lipids and carbohydrates, highly potent active pharmaceutical ingredients (HPAPIs), injectables and small molecules. This multi-technology setup enables CordenPharma to address increasingly complex pharmaceutical requirements across high-growth therapeutic areas including oncology, metabolic diseases and advanced modalities. CordenPharma operates an integrated industrial footprint with R&D and manufacturing sites across Europe and the United States, providing end-to-end development, scale-up and multi-site production capabilities. The group serves a broad base of leading global pharmaceutical and biotechnology customers. As part of the transaction, management and founding shareholders are expected to reinvest alongside Astorg, reflecting strong alignment around the company’s future growth strategy.

The private equity arm of Goldman Sachs Asset Management has entered into a definitive agreement to acquire a majority equity stake in Dutch pharmaceutical company Norgine, successfully outbidding rival sponsors Bain and Cinven in a highly competitive auction process. The Stein family, the company's historical owner for over 110 years, is relinquishing majority control of the asset while retaining a significant minority stake to actively support the business through its next phase of development. The transaction, which received official regulatory clearance from the European Commission in September 2022, was executed with sell-side advisory from Rothschild & Co and Moelis & Company, while Goldman Sachs International and Jefferies acted as financial advisors to the buyer. This new strategic partnership aims to accelerate Norgine's organic growth trajectory by leveraging the sponsor's global network and deep operational expertise. The joint objective is to consolidate the company's existing brands, commercialize new products from its research pipeline, and support potential external growth initiatives (buy-and-build) or licensing agreements. This acquisition underscores the continued strong momentum of Goldman Sachs' private equity division within the healthcare and specialty products sectors, with the sponsor having recently demonstrated its expertise through several major exits, notably including the sale of Caldic to Advent International, as well as the trade sale of HRA Pharma to an industrial player.

Fresenius agreed to acquire a 55% majority stake in mAbxience from its founding shareholders, with a contractual put/call option mechanism covering the remaining 45% of the share capital. The acquisition delivers on Fresenius Kabi's core "Broaden Biopharma" growth vector under its Vision 2026 strategy, addressing a critical gap in the division's value chain by adding flexible, single-use biologic drug substance manufacturing capacity. The transaction is expected to generate material operating and cost synergies, primarily driven by leveraging mAbxience's manufacturing capabilities for Fresenius Kabi's existing biosimilars portfolio, and to create an end-to-end integrated biopharmaceutical platform serving both internal programmes and third-party CDMO clients.

This transaction marks the third leveraged buyout for HTL Biotechnology, with Montagu Private Equity entering into exclusive negotiations to acquire a majority stake from Bridgepoint. Partners Group joined Montagu as a co-investor in this operation, while the existing management team remains significantly involved in the capital. The strategic rationale for this LBO is to accelerate HTL,s transformation from a specialized hyaluronic acid producer into a diversified, global biopolymer platform. Under the previous ownership, the company significantly expanded its R&D capabilities, doubled its production capacity with a €50M industrial investment, and established a strong presence in the US and Chinese markets. Key to this new phase of growth is a major partnership with Eirion Therapeutics, positioning HTL as the exclusive manufacturer of a novel botulinum toxin using its proprietary fermentation process. Montagu intends to leverage its healthcare expertise to further the group,s internationalization and portfolio diversification, particularly in high-growth segments like tissue engineering. The acquisition is supported by a significant unitranche financing package, reflecting the strong cash-flow generation and premium positioning of the asset in the pharmaceutical supply chain.

Permira acquired BPL from its sole shareholder, Tiancheng International Investment (TII), which had owned the business since 2016. The acquisition was part of a larger strategic plan to merge BPL's robust US collection network and specialized rare disease portfolio with Kedrion. By detaching BPL from its Chinese parent company, Permira allowed the business to refocus on its core UK and US markets. The combination created massive synergies in fractionation capacity and plasma supply, solving long-standing raw material bottlenecks for the UK-based manufacturing facilities.

Permira acquired a controlling stake in Kedrion from the founding Marcucci family and existing institutional investors FSI and CDP Equity. The transaction was structured as a partnership where the Marcucci family, FSI, and CDP Equity reinvested a significant minority stake to maintain the group's Italian heritage and operational continuity. The deal was contingent on the simultaneous acquisition of BPL to create a unified global platform. This allowed Kedrion to secure its supply chain and significantly expand its US and international footprint while transitioning from a family-run business to a private equity-backed global player.

Anjac acquired a majority stake in Apollo Healthcare Corp marking its 8th acquisition in five years. The founders, the Wachsberg brothers, remain as co-CEOs and shareholders. This deal is the cornerstone of Anjac's North American expansion, following the 2019 acquisition of Cosmetix West. The merger allows Anjac to offer global industrial capacity and specific OTC technologies (like FDA-approved sun care) to its international brand customers.

Ardian acquired a majority stake in Biofarma Group from White Bridge Investments. Ardian's entry is designed to transform the European leader into a global champion, specifically targeting expansion into the US and APAC markets while maintaining its technological lead in the high-margin probiotic segment.

Planmeca has successfully finalized the acquisition of the treatment unit and instrument business from a major diversified global medical manufacturer. This strategic transaction represents a significant consolidation of the global dental equipment market, bringing together two of the most technically advanced portfolios in the industry. The strategic rationale for the move centers on the high degree of industrial synergy between the target’s mechanical instrumentation excellence and the group's existing strength in digital 3D imaging and software interfaces. By integrating the target’s renowned heritage and manufacturing capabilities, the group establishes itself as a dominant single-source provider for complete dental operatory solutions. The acquisition includes the full transfer of iconic branding and intellectual property, allowing the organization to capitalize on a massive global installed base. The partnership is designed to accelerate the development of "connected" dental suites, where high-precision handpieces are synchronized with digital diagnostic platforms. This integration reinforces the group’s standing as a primary technical enabler for dental professionals, ensuring long-term technical durability and operational caliber across its international operational hubs.

This transaction marks the first major structural acquisition for Winncare following the entry of Siparex ETI as its majority shareholder earlier in 2021. By acquiring 100% of Pharmaouest Industries, Winncare has significantly strengthened its industrial capabilities and product portfolio in the high-stakes segment of pressure ulcer prevention. This horizontal integration allows Winncare to internalize advanced visco-elastic foam manufacturing technologies and leverage Pharmaouest's dual-site industrial setup in France and Tunisia to optimize its supply chain. The rationale for the merger is driven by the complementarity of the two groups, product lines and customer bases. The addition of Pharmaouest provides Winncare with a specialized R&D pipeline and a wider range of medical consumables specifically tailored for home care and elderly care institutions. Strategically, this acquisition acted as a catalyst for Winncare's growth, contributing to a 50% increase in the group's total revenue within the same fiscal year. The operation aligns with Winncare's long-term goal of becoming a diversified European leader in medical equipment by consolidating smaller, specialized manufacturers with high technical value. This deal also supports the group's commitment to a mission-driven corporate model, focusing on social impact and patient-centric innovation throughout the care journey.