Private equity investor Cinven has agreed to acquire London-headquartered women’s healthcare company Theramex from Carlyle and PAI Partners, extending its pharmaceutical investment portfolio through the purchase of an established international medicines business.
The acquisition is subject to customary regulatory approvals and is expected to complete during the first half of 2027. Financial terms have not been disclosed by the parties.
Theramex develops, licenses and commercialises pharmaceutical treatments covering menopause, osteoporosis, contraception and fertility. The company employs more than 500 people and markets medicines in over 80 countries across Europe, Africa, Asia-Pacific and Latin America.
Its portfolio includes established pharmaceutical brands alongside more recently launched treatments. According to the company, its products have reached more than six million women worldwide, reflecting the international distribution network that Cinven will acquire.
Carlyle and PAI purchased Theramex in 2022 and have worked with its management team to expand the company’s commercial operations and product offering. The investors supported portfolio diversification, including the addition of treatments in existing therapeutic areas and adjacent segments of women’s health.
Those changes have helped establish Theramex as a specialist business with operations extending across multiple pharmaceutical markets. Its growth has involved developing existing brands, securing rights to additional treatments and expanding the geographic coverage of its commercial network.
Cinven intends to continue that approach, supporting further product launches and licensing agreements while extending Theramex’s presence in established and new markets. The investor has identified opportunities associated with the diagnosis and treatment of women’s health conditions that remain insufficiently addressed in some healthcare systems.
Licensing provides Theramex with a means of adding products developed by other pharmaceutical businesses to its commercial portfolio. The company can obtain rights to supply and market those treatments in specified countries, using existing relationships with healthcare providers and distributors.
That model allows the business to develop its product range alongside its established distribution operations. It also means that commercial expansion depends on obtaining the appropriate regulatory approvals and securing access to national healthcare markets.
Theramex operates across countries with different medicine reimbursement arrangements, purchasing systems and treatment practices. Bringing a product into an additional market may therefore require commercial agreements and regulatory work beyond the arrangements already in place elsewhere.
The company’s portfolio addresses several distinct areas of women’s healthcare. Menopause and osteoporosis treatments serve patients with different clinical needs from those using contraception or fertility products, while the availability and funding of medicines varies between health systems.
Cinven’s proposed ownership will give Theramex access to an investor with experience across pharmaceutical and specialist healthcare businesses. Its previous investments in the sector include STADA, LGC and other healthcare companies operating across international markets.
Chief executive Robert Stewart leads Theramex’s existing management team. He has held senior positions at several major pharmaceutical companies, including Allergan and Amneal, and will remain central to the business’s development as the transaction progresses.
The acquisition also represents an exit for Carlyle and PAI following approximately four years of ownership. During that period, the investors have supported Theramex’s international expansion and the introduction of additional treatments, establishing the platform that Cinven now intends to develop.
The parties expect completion in the first half of next year, subject to obtaining the necessary approvals. Until then, Theramex remains under its existing ownership, with Cinven’s proposed expansion plans dependent on the transaction reaching completion.
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