Cinven agrees to buy women's health pharma group Theramex from Carlyle and PAI Partners
The private equity firm is buying a specialty pharma platform active in more than 80 countries. The sellers say Theramex more than doubled its EBITDA during their four years of ownership.
Cinven announced on 3 November 2026 that it has reached an agreement to acquire Theramex, a London-headquartered specialty pharmaceutical company focused on women's health, from Carlyle and PAI Partners. The parties did not disclose financial details.
In a parallel statement, Carlyle and PAI said the transaction is subject to customary regulatory approvals and is expected to close in the first half of 2027.
What Theramex does
Theramex develops, in-licenses and commercialises treatments in menopause, osteoporosis, contraception and fertility, and the sellers also list uterine health. According to Cinven, the company has more than 500 employees, sells in more than 80 countries across Europe, Africa, Asia-Pacific and Latin America, and its treatments have reached more than six million women.
The business has changed hands before. Carlyle and PAI acquired it in 2022, from CVC according to Investors in Healthcare. Legal news site Nonbillable reported that Theramex was formed in 2018 when CVC bought a portfolio of women's health assets from Teva for USD 703 million.
Why Cinven is buying
Cinven said its Healthcare team had followed Theramex for many years. It described women's health as a structurally growing segment of specialty pharma, with significant populations still undiagnosed and undertreated, particularly in menopause and osteoporosis, and said the area is attracting more R&D investment and awareness.
The buyer plans to support growth by deepening Theramex's footprint in existing markets, entering new geographies and pursuing in-licensing opportunities. Chief executive Robert Stewart stays in charge. In the Cinven statement, Pontus Pettersson, partner and head of the firm's Healthcare team, said women's health is a large and growing area of healthcare that has historically been underserved.
Cinven pointed to its earlier healthcare investments, including Regenity, Nutrisens, LGC, STADA and Synlab. It said its sector knowledge and its presence across Europe and the US position it to support the next phase of growth at Theramex. Philipp Meyer, a partner in the Healthcare team, said in the statement that the company combines a market-leading position with a resilient commercial model and a clear growth strategy.
What the sellers achieved
Carlyle and PAI said Theramex more than doubled its EBITDA during their ownership, supported by new product launches, acquisitions and in-licensing agreements. They also expanded its commercial infrastructure across 17 direct markets and invested in the operating model, supply chain and leadership.
Price and advisers
No price was disclosed by the companies. Nonbillable reported that the Financial Times put the value at about EUR 2.6 billion; that figure has not been confirmed by Cinven, Carlyle or PAI. Freshfields advised Cinven, while Latham & Watkins and Linklaters advised the sellers, according to Nonbillable. Investors in Healthcare reported that Morgan Stanley and Goldman Sachs acted as financial advisers to the sellers and Theramex.
What it means for European founders and investors
Women's health has long been described as underinvested, and founders in femtech and menopause care often struggle to show investors that the market is large. A specialty pharma platform changing hands between major private equity houses, after doubling EBITDA in four years, is a useful data point: it shows buyers are willing to pay for scale in menopause, osteoporosis and fertility treatments.
The deal also matters for exits. Theramex has grown by in-licensing therapies from partners, which makes platforms of this kind natural commercial partners or acquirers for European biotech and medtech startups with women's health products. For founders, Cinven's plan to pursue more in-licensing is a signal worth watching.
It is the latest sizeable European healthcare transaction this autumn. See our coverage of the Recordati takeover offer by CVC and GBL, Sanofi's third quarter and AstraZeneca's savings programme.
What happens next
The deal now goes through regulatory review, with closing expected in the first half of 2027. Until then, Theramex remains owned by Carlyle and PAI Partners.
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