Theramex acquired by The Carlyle Group & PAI Partners

Carlyle and PAI Partners agreed on 28 March 2022 to acquire Theramex from CVC Capital Partners VI, at an enterprise value reported at €1–10bn, an EV/EBITDA multiple of 10x–18x on 2021 figures. Chief executive Robert Stewart remained at the head of the company. Theramex was assembled in 2018 through the carve-out of a portfolio of women’s health products, and sells prescription treatments across contraception, fertility, menopause and osteoporosis. It reaches more than six million patients in 57 countries across Europe, the Middle East, Africa, Asia-Pacific and South America, and employs approximately 480 people, around 60% of them women. Revenue amounted to €250–500M for 2021, up 60% on the previous year, with an EBITDA of €100–200M and an operating profit of 36.8 million pounds. Net debt stood at 453.6 million pounds, 5.3 times EBITDA. The model rests on licensing rather than discovery. The company acquires rights to products developed elsewhere and sells them through its own network of representatives calling on gynaecologists and general practitioners, which avoids research costs while requiring a commercial infrastructure that few specialty companies maintain across this many markets. Under CVC, which created the business in 2018, Theramex built those physician relationships, invested in digital channels and acquired product portfolios, producing double-digit growth in both revenue and EBITDA. Carlyle and PAI Partners intended to widen the range into adjacent therapeutic areas and accelerate international expansion. Both had prior positions in the sector: Carlyle through iNova, Curia and Millicent Pharma, PAI through Ethypharm and Ipsen. Morgan Stanley, Jefferies and Greenhill advised the buyers, with Linklaters and Allen & Overy as legal counsel and PwC on financial due diligence, while Rothschild & Co and HSBC advised CVC, with Latham & Watkins as counsel, EY on financial and IQVIA on commercial matters.

In the past, Theramex was acquired by CVC in 2018 as part of its expansion strategy.