Carlyle and PAI Partners agree to sell Theramex to Cinven

Carlyle and PAI Partners have agreed to sell Theramex, a London-headquartered specialty pharmaceutical company focused on women's health, to Cinven. The deal is subject to customary regulatory approvals and is expected to close in the first half of 2027. The financial terms are not being disclosed.

Carlyle and PAI acquired Theramex in 2022. During their ownership, the company more than doubled its EBITDA through new product launches, strategic acquisitions and in-licensing agreements, and expanded its commercial infrastructure across 17 direct markets.

Theramex offers treatments across menopause, osteoporosis, contraception, uterine health and fertility, and operates in more than 80 countries across Europe, Africa, Asia-Pacific and Latin America.