Theramex acquired by Cinven

Cinven agreed on 3 November 2026 to acquire Theramex from Carlyle and PAI Partners, in a transaction reported at an enterprise value of €1–10bn, an EV/EBITDA multiple of 15x–25x on 2025 figures. Completion was expected in the first half of 2027, subject to regulatory approvals. Chief executive Robert Stewart remained at the head of the company. Headquartered in London, Theramex develops, licenses and sells treatments for conditions specific to women: the symptoms of menopause, osteoporosis, contraception, uterine health and fertility. It employs more than 500 people, maintains its own commercial organisation in 17 countries and distributes through partners in more than 80, across Europe, Africa, Asia-Pacific and Latin America. Its treatments have reached over six million patients. Revenue amounted to €250–500M with an adjusted EBITDA of €100–200M for 2025. In-licensing rather than discovery drives the model. The company acquires rights to products developed by other laboratories and sells them through its own prescriber network, which avoids the cost and risk of research while requiring a commercial infrastructure that few specialty companies possess at this scale. That infrastructure is also what makes it attractive to the laboratories seeking a partner for Europe. Women’s health has long received less pharmaceutical investment than other therapeutic areas, leaving substantial populations undiagnosed and untreated, particularly in menopause and osteoporosis. That has begun to change, with research spending and clinical attention increasing. Carlyle and PAI Partners had acquired the business in 2022 and more than doubled its EBITDA, launching new treatments, acquiring product portfolios and extending the direct commercial presence to 17 markets. Morgan Stanley advised the sellers, with Latham & Watkins as legal counsel, while Jefferies advised Cinven, with Freshfields as counsel.

The acquisition of Theramex is part of the growth strategy of Cinven, which already has several external growth operations under its belt, notably Ongoing Warehouse in 2026.