KEDRION acquired by PERMIRA

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.

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.

The strategic investment in Resonetics by Carlyle signifies a major territorial and technical advancement for the organization, building upon the momentum of eight successful add-on acquisitions. The strategic rationale for this transaction centers on a "platform-acceleration" maneuver, merging the target's industry-leading technical operational depth in micro-manufacturing with the new sponsor’s extensive global network and expertise in healthcare digitalization. This alignment provides the organization with the scientific talent and technological hardware required to address the increasing clinical demand for miniaturized, minimally invasive interventional components.

Integer Holdings has successfully finalized the acquisition of Oscor, Inc., a strategic move designed to significantly broaden the group’s cardiovascular and neurostimulation product portfolios. This transaction integrates a robust range of proprietary products, including steerable sheaths and cardiac leads, into the acquirer’s existing medical device outsource framework. The strategic rationale for the move centers on the acquisition of specialized technical capabilities and a vast intellectual property portfolio that deepens relationships with existing Tier 1 customers while providing access to emerging growth companies. By incorporating the target’s established brand and its research and development expertise, the organization bolsters its "concept-to-commercialization" value proposition. A key component of the integration is the addition of the target’s manufacturing presence in the Dominican Republic, which provides high-efficiency, low-cost production capacity to support the group’s global expansion. This partnership reinforces the group’s standing as a primary technical enabler for the cardiac rhythm management and neuromodulation industries, ensuring the strategic depth required to exceed market growth rates in fast-growing clinical segments like structural heart and electrophysiology.

Coloplast has reached an agreement to acquire Atos Medical from the private equity firm PAI Partners. his transaction marks a major strategic exit for PAI Partners, which acquired the company in 2016. During PAI’s five-year ownership, Atos Medical more than doubled in size, transforming from a laryngectomy specialist into a diversified ENT leader with a significant foothold in the tracheostomy market. The rationale for the acquisition is highly strategic for Coloplast, as it adds a new chronic care segment to its existing portfolio. Atos Medical’s business model is a perfect fit for Coloplast’s "Chronic Care" strategy, characterized by high-recurring revenue from medical consumables and a strong direct-to-consumer orientation. The merger allows Coloplast to leverage Atos Medical’s industry-leading margins and unique patient-reach capabilities while providing Atos with Coloplast’s massive global infrastructure to further accelerate expansion in emerging and under-penetrated markets.