Cinven to Buy Theramex in €2.6bn Deal
Carlyle and PAI Partners agreed to sell the London-based women's health company to Cinven, valuing it at about €2.6bn.
Updated on Nov. 3, 2026 in Healthcare
Carlyle and PAI Partners agreed to sell Theramex to Cinven in a deal valuing the company at about €2.6bn, according to a statement announced Tuesday. Carlyle and PAI acquired Theramex for about €1.2bn in 2022.
Why it matters
The sale roughly doubles the value of Theramex over four years of ownership by Carlyle and PAI, reflecting investor interest in specialty pharmaceutical businesses focused on menopause, fertility, and osteoporosis. Theramex operates in more than 80 countries across Europe, Asia, Africa, and Latin America, making the transaction significant for the company's global footprint.
The €2.6bn valuation is roughly twice the approximately €1.2bn Carlyle and PAI paid in 2022. Theramex operates in more than 80 countries, but the extraction does not state its revenue or profit figures.
The players
Carlyle
Carlyle is a global private equity firm that co-owned Theramex with PAI Partners and is now selling its stake.
PAI Partners
PAI Partners is a Paris-based private equity firm that co-owned Theramex with Carlyle and is jointly selling the business.
Cinven
Cinven is a European private equity firm acquiring Theramex in the €2.6bn deal.
The details
Carlyle and PAI Partners are jointly selling Theramex, a London-based company specializing in menopause, fertility, and osteoporosis treatments, to Cinven. The sale was announced in a statement on Tuesday, and investors at the two firms cited opportunities to expand the business through organic growth, supply chain streamlining, and acquisitions of new products.
Timeline
2022: Carlyle and PAI acquired Theramex for about €1.2bn.
November 3, 2026: Sale of Theramex to Cinven announced in a statement on Tuesday.
Market Landscape
The transaction reflects a pattern in which private equity owners sell specialty pharmaceutical businesses at valuations roughly double their purchase prices after a hold of about four years. The deal sits within a broader European market for women's health and reproductive care assets.
For patients using Theramex treatments across its more than 80 markets, the ownership change may affect future product development and supply arrangements. The extraction does not indicate any immediate changes to product availability or pricing.
The takeaway
Private equity ownership changes can reshape specialty healthcare companies, and Theramex's planned expansion through acquisitions and new products will be worth watching under Cinven's ownership. The transaction shows continued investor appetite for women's health and fertility treatment providers.
Further reading
For related coverage, explore more Healthcare deals and industry developments.
