LABORATOIRE POLIDIS acquired by SIPAREX

Private equity firm Mérieux Equity Partners has entered into a definitive agreement to divest its controlling equity stake in the pharmaceutical laboratory Theravia to the Dutch group Norgine, a portfolio company backed by Goldman Sachs Asset Management. Representing the sixth exit for the Mérieux Equity Participations 3 fund, this transaction facilitates the complete exit of the sponsor, which had held a near-80% ownership position since Theravia's inception through a corporate merger in 2022. The completion of the deal remains subject to the receipt of customary regulatory approvals. For the acquirer Norgine, led by CEO Janneke van der Kamp, this integration is a core component of its expansion strategy, designed to solidify its standing as a partner of choice for the commercialization of specialty pharmaceuticals across Europe. Theravia’s innovative treatments, such as Orphacol and Siklos, perfectly complement Norgine’s existing pipeline—which already features therapies like Pedmarqsi and Mavorixafor. This highly synergistic combination expands the group's core rare disease franchise to a total of six strategic products. For Theravia and its CEO Franck Hamalian, partnering with an established industrial player boasting substantial European commercial firepower provides a critical opportunity to accelerate patient access to life-saving medications for severe unmet medical needs, driven by a shared strategic vision for continuous innovation in the rare disease sector.

Sterimed completes its third buy-out (LBO) as IK Partners returns as the majority shareholder, taking over from Sagard. This transaction values the group at over EUR1 billion, a significant jump from its previous valuation. Under Sagard's ownership, Sterimed accelerated its international expansion, notably in North America and Asia. The new partnership with IK Partners aims to further consolidate the medical packaging market through a global buy-and-build strategy and to invest in sustainable, eco-friendly sterilization solutions.

Nutrisens Group has acquired a majority stake in Prodiet Medical Nutrition, a Brazilian leader in clinical nutrition. The founders of Prodiet, Armando Tortelli and Ana Paula Celes, retain a minority stake and will continue to support the company's growth, while Gabriel Tortelli remains as CEO. This acquisition marks a major step in Nutrisens' international expansion strategy, providing a strong platform to address the Latin American market. The deal is expected to generate significant commercial synergies through cross-selling portfolios and optimizing innovation and sourcing capabilities.

Zydus entered into exclusive negotiations to acquire a controlling 85.6% stake (block trade) in Amplitude Surgical from PAI Partners, the management and minority shareholders. The offer price is EUR6.25 per share, representing an 80.6% premium over the pre-announcement share price. Following the block acquisition, Zydus will launch a mandatory simplified tender offer (OPAS) to acquire the remaining shares and intends to delist the company (squeeze-out) if the 90% threshold is reached.

Hemodia, a French healthcare group specializing in the production of sterile medical devices, is reorganizing its capital through a second leveraged buyout (LBO) with the investment fund LBO France. Bpifrance and Multicroissance, existing shareholders since the first LBO, are also reinvesting.

Germitec raised EUR29 million in a Series B round led by Eurazeo to accelerate its commercial expansion in the United States. The company recently achieved a major regulatory milestone by obtaining FDA "De Novo" clearance in September 2024. The funds will be used to scale the US team and compete against chemical-based incumbents. Historical investors, including Kurma Partners (a Eurazeo subsidiary), Financiere Arbevel, and Turenne Capital, participated in the round. The financial investors now hold the majority of the capital.

This transaction is a strategic corporate carve-out and vertical integration wherein Novonesis fully acquires the sales and distribution activities of the Feed Enzyme Alliance from its long-term joint venture partner, dsm-firmenich. Supported by a fully committed debt financing package, this operation effectively dissolves the historical alliance, granting Novonesis absolute control over the entire commercial value chain. The primary strategic rationale underpinning this acquisition is to directly combine the acquirer's established innovation and production capabilities with the target's extensive global go-to-market network. This powerful consolidation will significantly accelerate Novonesis's market penetration, unlock substantial revenue synergies, and solidify its undisputed leadership position within the global animal nutrition and biosolutions industry.

The secondary buyout of 100% of Medical International Research by Quadrivio Group triggers the complete exit of the incumbent private equity sponsor Aksìa SGR. This ownership transition follows an operational phase marked by an annualized revenue expansion and the successful launch of subscription-based software services. The secondary transaction alters the capital structure to support a broader consolidation strategy amid rising global demand for decentralized respiratory diagnostics. The incoming capital is structured to fund geographic expansion into historically underpenetrated, highly solvent Northern European healthcare jurisdictions including Germany and the United Kingdom. Institutional debt backing for the buyout combines a super-senior revolving credit line with a private unitranche facility designed to provide immediate funding for strategic add-on acquisitions.

EB Development (Consortium: NextStage AM & IK Partners) has successfully concluded its takeover bid for Eurobio Scientific, following the results of a reopened offer period. The consortium now holds 88.92% of the share capital and voting rights (including treasury shares). The offer was initiated to take the company private and provide the management team, led by Denis Fortier, with the flexibility to pursue an aggressive external growth strategy. While the bid secured a significant majority, the final participation fell just short of the 90% threshold required for a mandatory squeeze-out (retrait obligatoire). Consequently, the conditional additional price of €1.25 per share (linked to reaching the 90% mark) will not be paid to tendering shareholders. Despite remaining listed for the time being, the transaction effectively shifts Eurobio into a "private-equity-backed" development phase, allowing for deeper consolidation of the European in vitro diagnostics market.

Didactic reorganized its shareholder base to accelerate its transformation into a European industrial leader. GENEO Capital Entrepreneur and UI Investissement acquired a majority stake, taking over from the previous sponsor. The transaction involves significant reinvestment from the President and his management team, alongside Bpifrance and MACSF.