Cinven has agreed to acquire Theramex, the London-headquartered women's health specialty pharmaceutical company, from Carlyle and PAI Partners, the buyer and sellers said on 3 November 2026. Terms were not disclosed.
Why Cinven is buying Theramex
Cinven said Theramex combines a market-leading position in women's health with a resilient commercial model, and described women's health as a large and growing area of healthcare that has historically been underserved. Theramex develops, in-licenses and commercialises treatments in menopause, osteoporosis, contraception and fertility.
“Theramex combines a market-leading position in women's health with a resilient commercial model”
Deal terms and financing
The parties did not disclose the price. The sellers are funds advised by PAI Partners and Carlyle, which acquired Theramex in 2022. PAI and Carlyle said Theramex had more than doubled its EBITDA under their ownership through new launches, acquisitions and in-licensing deals, and had expanded to 17 direct markets.
Regulatory approvals and timing
The transaction is subject to customary regulatory approvals and other closing conditions. PAI Partners said completion is expected in the first half of 2027.
Market context
Theramex has more than 500 employees and sells its products in more than 80 countries across Europe, Africa, Asia-Pacific and Latin America, reaching more than six million women, according to Cinven.
