A pharmaceutical company with its headquarters in London that specializes in women’s health was purchased at a price of PS1.2 billion.
Two equity-focused private companies have purchased Theramex that develops and markets reproductive, contraceptive, menopausal as well as osteoporosis and fertility products by CVC Capital Partners.
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The company has committed to speed up its growth under the newly appointed owners Carlyle Group and PAI Partners and is planning further global expansion as well as the expansion range of products.
The three firms could not provide the financial details of the transaction, however an insider told the AP that Theramex was bought for approximately PS1.2 billion.
It was purchased through CVC through Teva Pharmaceuticals at a cost of $703 million (PS533 million) in the past four years and it has its origins dating back to 1954. It currently sells more than 20 drugs across 57 countries, bringing in approximately six million customers. The company has 480 employees.
Carlyle Group, based in Washington is among the largest private equity companies. PAI was part of Paribas up to 2001, is located in Paris.
CVC is believed to be mulling the possibility of selling for a while amid increased dealmaking activity in the healthcare industry. Bloomberg News first reported that CVC appointed consultants in January.
Robert Stewart, chief executive of Theramex Robert Stewart, chief executive of Theramex, said the transaction will enable the company to “further accelerate our growth” after the departure of CVC.
Lubna Qunash as well as Philipp Meyer, managing directors of Carlyle’s Europe Partners advisory team, added: “We believe that Theramex’s longstanding and established position as a women’s health champion with a broad and complementary product portfolio are distinctive attributes which position the business well for continued success.”
PAI also stated that it would be supportive of as well “organic and inorganic growth initiatives” that are being pursued by Theramex.
Cathrin Pettyis the chief of healthcare for the world at CVC, stated that Theramex is “at the forefront of raising awareness and delivering better therapies for women” all over the globe. “We wish the team every success in the next chapter of growth,” she declared.
- Carlyle along with PAI were both advised on the transaction via Morgan Stanley, Jefferies and Greenhill & Co. CVC was advised by Rothschild & Co and HSBC.