ONA THERAPEUTICS acquired by COLUMBUS VENTURE PARTNERS & MERIEUX EQUITY PARTNERS

The acquisition of a 51% controlling interest in Laboratoire Nutergia by 3i presents a primary leveraged buyout transaction designed to transition a mature, founder-led enterprise into an institutionalized platform capable of capturing pan-European market share. Following a competitive auction process managed by financial advisor Houlihan Lokey involving several leading private equity sponsors, 3i secured the transaction by leveraging its institutional heritage in consumer healthcare and demonstrating complete strategic alignment with the founding Lagarde family, who will retain a 49% minority stake and remain active corporate stewards. The transaction structure utilizes an equity investment within 3i's typical 20 to 50 million euro parameters, complemented by a conservative senior secured bank debt package representing a leverage profile below four times EBITDA, fully underwritten by a ten-lender banking syndicate led by Rabobank. Immediate post-closing operational priorities include the installation of a new healthcare-vetted Chief Executive Officer to manage the growth agenda, which focuses on accelerating pharmacy network penetration, scaling high-margin digital direct channels, and executing programmatic international distribution growth, while exploiting the current well-invested production footprint to preserve high EBITDA conversion margins.

CordenPharma, backed by private equity firm Astorg, entered into an agreement to acquire AmbioPharm, a US-based CDMO specializing in complex peptide APIs with manufacturing sites in the United States and China. The transaction is part of CordenPharma’s broader strategy to strengthen its position as a global leader in peptide therapeutics manufacturing, a high-growth segment driven by next-generation pharmaceutical innovation, including GLP-1 and other advanced peptide-based therapies. The acquisition adds complementary capabilities across solid-phase peptide synthesis (SPPS), liquid-phase peptide synthesis (LPPS), hybrid synthesis technologies, as well as downstream purification and lyophilization capacities. The combination significantly expands CordenPharma’s industrial footprint, adding a second US-based peptide manufacturing site and establishing a strategic presence in Shanghai, complementing its existing global network of 11 manufacturing and R&D facilities across Europe and North America. It also enhances supply chain flexibility for customers, offering multiple regional and global production models.

Obagi Medical, a medical-grade skincare company positioned in the professional dermatology and aesthetics segment, is being acquired by Bridgepoint as part of a broader consolidation trend across clinical skincare markets. The transaction reflects a strategy focused on building specialised platforms within dermatology and aesthetics, supported by structural growth driven by the medicalisation of skincare routines and the convergence of beauty and healthcare. Bridgepoint aims to build an integrated platform of clinical skincare and aesthetics brands covering a broader spectrum of solutions, from dermatological treatments to injectable aesthetic products. The acquisition of Obagi provides exposure to a leading physician-dispensed brand with a recurring professional customer base and strong alignment with global trends in medicalised skincare. The industrial rationale is based on convergence between medical skincare and injectable aesthetics, with potential synergies in professional distribution, product development and geographic expansion.

Stryker has completed the acquisition of Amplitude Vascular Systems, a private medical device company, which develops a next-generation intravascular lithotripsy (IVL) platform, designed to treat complex peripheral arterial disease, this acquisition represents a significant milestone in the expansion of Stryker's peripheral vascular portfolio, by integrating Amplitude Vascular Systems' innovative technology, which uses carbon dioxide-generated pressure waves, to optimize arterial diameter, while minimizing damage and improving deliverability, treatment speed, and therapeutic efficacy, with the goal of strengthening Stryker's position in peripheral vascular solutions, by offering solutions for physicians and patients, to treat cardiovascular disease, Stryker's strategy is to develop its portfolio of products and services, to improve patient and healthcare outcomes, by offering innovative and integrated solutions, for physicians, hospitals, and patients, financial and legal advisory services were provided by reputable consulting firms, to ensure the success of the operation

Rantum Private Equity Fund II has successfully finalized the acquisition of a majority stake in the share capital of the target, marking its seventh investment from the current fund. This strategic transaction represents a pivotal step in the acquirer’s objective to establish a dominant position in the high-precision medical technology sector, specifically targeting the resilient demand for minimally invasive surgery. The strategic rationale for the move centers on the high degree of alignment between the target’s fully integrated German manufacturing capabilities and the acquirer’s focus on high-moat, regulatory-intensive industrial platforms. By partnering with the founding family during a structured transition phase, the acquirer aims to professionalize the management framework and accelerate international market penetration. The partnership is designed to leverage the acquirer’s financial depth to drive targeted investments in product innovation and further certifications. This integration facilitates the scaling of the target’s proprietary brand while reinforcing its status as a mission-critical CDMO partner for global MedTech giants. This move solidifies the group’s standing as a primary enabler of technological modernization in the surgical instrument market.

Devyser Diagnostics AB has finalized the acquisition of CyberGene AB from Level Bio AB. The strategic rationale for this transaction centers on a "portfolio-optimization" play, merging the target's established diagnostic kits in aneuploidy and infertility with the group's global commercial infrastructure and direct sales force. This fusion effectively creates a specialized powerhouse in the reproductive health market, providing the group with the necessary hardware to deepen its customer offering in clinical genetics laboratories. This operation allows Devyser Diagnostics to execute a definitive structural transformation of the target's existing market footprint. By absorbing an asset with a high level of customer acceptance but limited global reach, the organization can now leverage its industrialized R&D and sales machine to drive international scaling. The maneuver optimizes the group's financial profile, with the integration expected to yield immediate improvements in gross profit and consolidated EBIT margins. Ultimately, the partnership solidifies the group’s standing as a primary enabler of high-precision molecular diagnostics, while ensuring the organization remains an agile leader in the rapid evolution of genomic testing standards.

The group has finalized a definitive agreement to acquire the entire share capital of the target, a maneuver designed to fundamentally expand its presence as a turnkey provider in the global eye care market. The strategic rationale for this transaction centers on a "portfolio-convergence" play, merging the target's industry-leading technical operational depth in refraction and finishing with the group’s established leadership in tonometry and imaging. This fusion effectively creates a specialized powerhouse in the ophthalmic arena, providing the organization with the scientific talent and technological hardware required to address the increasing complexity of diagnostic and optical retail workflows. The operation allows the group to execute a definitive structural expansion of its total addressable market, specifically targeting high-growth segments such as Optical Coherence Tomography (OCT). By incorporating the target's innovative product suite, the organization can now provide a more robust and integrated solution set for professionals across optometry, retail, and ophthalmology.

UCB has entered into a definitive agreement to acquire Neurona Therapeutics, a maneuver designed to fundamentally reinforce the group’s leadership in the global epilepsy market. The strategic rationale for this transaction centers on a "regeneration-acceleration" play, merging the target's industry-leading stem cell platform with the group’s extensive therapeutic expertise and global commercial infrastructure. This fusion effectively creates a specialized powerhouse in the advanced therapies arena, providing the organization with the scientific talent and lead investigational asset required to address the increasing demand for cures in drug-resistant mesial temporal lobe epilepsy. his operation allows the group to execute a definitive structural expansion beyond symptomatic treatment into the era of disease-modifying medicine. By incorporating the target's innovative GABAergic cell therapy candidate, which has already received RMAT and PRIME designations, the organization can now provide a more robust and integrated solution set for patients who have exhausted traditional pharmaceutical options.

Halma, a global leader in healthcare technology, has completed the acquisition of 100% of Surgistar’s share capital, further strengthening its ophthalmic instrument capabilities within its Healthcare division. Through this transaction, Halma aims to bring the production of high-precision disposables in-house, helping to better secure its supply chain against external volatility. From an industrial standpoint, the deal is driven by the combination of Surgistar’s automated sharpening technologies with Halma’s clinical and commercial reach, ensuring consistently high-quality cutting performance for demanding ophthalmic teams. Rather than simply expanding capacity, the acquisition is expected to unlock meaningful product synergies by integrating a specialized portfolio of blades and cannulas into Halma’s global direct sales network.

Astorg has signed a definitive agreement to acquire Thermo Fisher Scientific's microbiology business, which will become an independent, privately owned platform, backed by Astorg. The transaction consists of a complete corporate carve-out, executed via the Astorg VIII fund, representing the vehicle's tenth investment to date and further concentrating its portfolio exposure within the life sciences sector. The ownership transition is driven by the seller’s strategic decision to divest non-core clinical assets, allowing the parent company to reallocate its corporate capital toward higher-growth molecular diagnostics. For the target company, the separation from a large corporate matrix removes internal budget competition and enables dedicated reinvestment into product innovation. The ownership transition establishes a clear operational mandate focused on scaling global market share, expanding the current commercial infrastructure, and pursuing consolidation via strategic mergers and acquisitions. The post-closing roadmap requires the execution of complex transitional service agreements to ensure continuity across thirteen global manufacturing and research facilities without disrupting ongoing supply contracts. The definitive agreement is subject to customary anti-trust clearances and regulatory approvals, with final closing projected during the second half of 2026.