International private equity firm, Cinven, today announces that it has reached an agreement to acquire Theramex (‘the Company’), a leading international specialty pharmaceutical company focused on women’s health, from Carlyle and PAI Partners. Financial details of the transaction are not disclosed.

Headquartered in London, Theramex develops, in-licenses and commercialises treatments across four core areas of women’s health: menopause, osteoporosis, contraception and fertility. Through its team of more than 500 employees, the Company offers a diversified portfolio of established and recently launched brands to healthcare professionals and patients in more than 80 countries across Europe, Africa, Asia-Pacific and Latin America. Theramex is a trusted leader in women’s health, with a strong track record of delivering effective and innovative therapies to women who need them. To date, its treatments have reached more than six million women worldwide.

Cinven’s Healthcare Sector team has been following Theramex for many years and has built a strong relationship with its management team. Cinven believes Theramex represents a compelling investment opportunity based on several attractive characteristics:

• An attractive market with substantial unmet medical need: Women’s health is a structurally growing segment of specialty pharma, with significant populations still undiagnosed and undertreated, particularly in menopause and osteoporosis, and is now attracting increased R&D investment and growing awareness amongst patients and healthcare professionals;
• A leading, diversified pan-European platform with international reach: Theramex has market-leading positions across menopause, osteoporosis, contraception, and fertility, supported by its broad portfolio of trusted products and recent launches that widen patient access to innovative treatments across the international markets it serves;
• A proven track record of product portfolio expansion: The Company has a strong track record of launching new products, in-licensing innovative therapies from partners across the world, and acquiring and integrating complementary product portfolios;
• Significant opportunity for continued growth in Europe and internationally: Cinven will support Theramex to drive further growth through deepening its footprint in existing geographies, expanding into new geographies, and pursuing a pipeline of value-accretive in-licensing opportunities, with the aim of improving access to treatment for more women; and
• An exceptional leadership team: Theramex has a high-quality management team led by experienced CEO, Robert Stewart.


This transaction builds on the Cinven funds’ extensive expertise and long track record of investing in the healthcare sector, including investments in Regenity, Nutrisens, LGC, STADA and Synlab. The combination of its deep sector knowledge and pan-European and US presence, positions Cinven well to support Theramex’s next phase of growth.

Philipp Meyer, Partner in the Healthcare Sector team at Cinven, said:

“Theramex combines a market-leading position in women’s health with a resilient commercial model and a clear, credible growth strategy. Its portfolio is well positioned for further expansion across geographies, and its track record of in-licensing and successfully bringing innovation to healthcare professionals and patients provides a strong foundation to further broaden the range of treatments available to patients. We are delighted to be partnering with Rob and his team and look forward to working with them to build on Theramex’s success and support its international ambitions.”

Pontus Pettersson, Partner and Head of the Healthcare Sector team at Cinven, commented:

“Women’s health is a large and growing area of healthcare that has historically been underserved, and Theramex has established itself as a leader in addressing it. Under Rob’s leadership, the team has built a high-quality, diversified platform with an impressive track record of launching innovative treatments and delivering for patients. We are excited to partner with the Theramex team as they continue to broaden access to care for women, both in Europe and further afield, and we look forward to supporting Theramex through its next phase of growth.”

Anastasya Molodykh-McFarlane, Senior Principal in the Healthcare Sector team at Cinven, added:

“Women’s health has been underserved for too long. Theramex treatments make a real difference to women at every stage of life, and we are proud to play a part in its next chapter.”

Robert Stewart, CEO of Theramex, commented:

“We are delighted to welcome Cinven as our new partner as we begin the next chapter of the Theramex story. Our mission has always been to be a lifetime partner for women and the healthcare professionals who treat them, and over the past few years we have built a diversified, high-performing platform with a strong pipeline of new treatments. Cinven’s deep healthcare expertise, long-term approach and support for our strategy will help us to accelerate our growth in Europe and internationally and, most importantly, to bring better treatment options to more women.”

The transaction is subject to customary regulatory approvals and other customary closing conditions.