Cinven agrees to buy women’s health company Theramex for €2.6bn

Women’s health pharmaceutical company Theramex is set to be acquired in a deal reportedly worth €2.6bn, with completion expected in the first half of 2027.

The London-headquartered business provides treatments for menopause, osteoporosis, contraception, uterine health and fertility.

The transaction remains subject to regulatory approval. Financial terms have not been formally disclosed.

Theramex operates in more than 80 countries across Europe, Africa, Asia-Pacific and Latin America, reaching more than six million patients.

The company has expanded its treatment portfolio through product launches, acquisitions and licensing agreements, alongside developing commercial operations across 17 direct markets.

Since its previous acquisition in 2022, Theramex has more than doubled its earnings before interest, tax, depreciation and amortisation (EBITDA), a measure of operating profitability.

Growth has been supported by new treatments, acquisitions and licensing agreements, as well as investment in its operating model, supply chain and leadership.

Under the agreement, private equity firm Cinven will acquire Theramex from PAI Partners and Carlyle, which bought the business in 2022.

Robert Stewart, chief executive of Theramex, said: “This is a proud moment for everyone at Theramex.

“I thank our talented team, and Carlyle and PAI for their outstanding partnership, which helped us more than double the business and transform the company.

“With Cinven, we have the right partner for our next chapter, and we share an ambition to become the global leader in women’s health.”

During their ownership, PAI Partners and Carlyle worked with Theramex’s management team to broaden its treatment portfolio across existing and related therapeutic areas.

They also supported the expansion of its international commercial infrastructure and strengthened its operating model and supply chain.

Lubna Qunash, partner on the Carlyle Europe Partners investment advisory team, said: “Women’s health remains an area of significant unmet medical need, and Theramex plays an important role in improving access to innovative treatments.

“Together with PAI and Theramex’s management team, we have expanded Theramex’s portfolio, launched new therapies and strengthened its international presence, positioning the business for continued growth.

“We would like to express our sincere gratitude to Rob and his team for their exceptional dedication, leadership and contributions. Their commitment has been instrumental to the company’s success, and we wish them every success in their next chapter.”