Home Database Healthcare & PharmaPharmathen

07/2021100%LBO

Pharmathen acquired by Partners Group

GREECE Life Sciences / Pharma & Biotech / CDMO EV €1–10bn

Context

Partners Group acquired 100% of Pharmathen from BC Partners, which had acquired the company in 2015. During its ownership, BC Partners invested over €250 million in R&D and new FDA-approved production facilities, nearly doubled the employee headcount, and repositioned Pharmathen from a traditional European generics manufacturer into a technology-driven global leader in complex drug delivery. The transaction is expected to support Pharmathen's continued growth, particularly into the US market. BC Partners was advised by Jefferies (financial) and Kirkland & Ellis (legal).

It is worth noting that the fund BC Partners took control of Pharmathen through an LBO in 2015.

Pharmathen, which reported an EBITDA margin of [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average observed in the Healthcare & Pharma sector (14.8x in 2021).

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Target

Pharmathen is a leading European pharmaceutical and drug delivery technology company founded in 1969, specialising in the development and manufacturing of complex "sustained release" drug delivery technologies. The company is the global leader in complex long-acting injectables (LAI) and has established a long-acting therapeutic technologies (LATT) platform, positioning it at the forefront of one of the most technically demanding and high-barrier segments of the pharmaceutical industry. Pharmathen operates a highly differentiated business model combining best-in-class R&D capabilities with FDA-approved manufacturing facilities, serving a blue-chip customer base across nearly 100 countries worldwide.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

4x–10x

EV / EBITDA

15x–25x

EV / EBIT

Above 20x

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2021

2020

Other operations with Pharmathen

Other operations with Pharmathen
Date	Acquirer	Target	Country	Sector
06/2015	BC PARTNERS	PHARMATHEN	GREECE	CDMO

Other operations with Partners Group

Other operations with Partners Group
Date	Acquirer	Target	Country	Sector
08/2026	PARTNERS GROUP	AROMA-ZONE	FRANCE	Hygiene & Beauty Brands
06/2025	PARTNERS GROUP	MPM	UNITED KINGDOM	Pet Care
10/2022	PARTNERS GROUP	TELEPASS	ITALY	Fintech & Payments
02/2022	PARTNERS GROUP	FOREFRONT DERMATOLOGY	UNITED STATES	Outpatient Care
01/2022	PARTNERS GROUP	ATNORTH	ICELAND	Hosting / Datacenter
11/2021	PARTNERS GROUP	DIVERSITECH	UNITED STATES	Valves, Pumps & Taps
07/2020	PARTNERS GROUP	ROVENSA	PORTUGAL	Specialty Chemicals
01/2017	PARTNERS GROUP / PSP INVESTMENTS	CERBA HEALTHCARE	FRANCE	Labs (Biology)

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03/2021	CVC	COOPER-VEMEDIA	FRANCE	Generics / Labs
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REFERENCES

Valuation range: EV €1–10bn

Revenue range: €150–250M

EBITDA range: €50–100M

EV/Revenue range: 4x - 10x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Pharmathen by Partners Group 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.

Acquirer: partners group

FAQ

What transaction does this page cover?

This page covers Partners Group’s acquisition of 100% of Pharmathen, a Greek company specialised in Pharma & Biotech, in 2021, structured as a leveraged buyout (LBO). This followed an earlier holding cycle initiated in June 2015, when the company was acquired by BC Partners.

How was the acquisition of Pharmathen by Partners Group valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €1–10bn band, its EV/EBITDA multiple within the 15x - 25x range, and its EV/revenue multiple within the 4x - 10x range. Exact figures are available to members.

What were Pharmathen’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Pharmathen generated annual revenue estimated in the €150–250M range and EBITDA in the €50–100M bracket (FY 2021). Detailed financial figures are available to members.

How does the valuation of Pharmathen compare to benchmarks in the Healthcare & Pharma sector?

With an estimated valuation multiple in the range of 15x - 25x, Pharmathen trades above the median sector multiple of 14.8x observed for the Healthcare & Pharma sector in 2021. The descriptive comparison is based on 15 transactions with available EV/EBITDA multiples from differences in size, growth, profitability that may affect comparability.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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