International private equity firm Cinven has reached an agreement to acquire Theramex, a pharmaceutical company specialising in women’s health, from existing owners Carlyle and PAI Partners.
Announced on 3 November 2026, the transaction will give Cinven ownership of a business focused on developing and commercialising treatments across menopause, osteoporosis, contraception and fertility.
Financial terms were not disclosed by Cinven. However, the Financial Times reported that the transaction values Theramex at approximately €2.6 billion.
Headquartered in London, Theramex employs more than 500 people and operates in over 80 countries across Europe, Africa, Asia-Pacific and Latin America. Its portfolio includes established and recently launched treatments serving women at different stages of life.
The company has reached more than six million women worldwide through its treatments, according to the announcement.
Cinven said its investment would support Theramex’s next phase of international growth, including expansion into existing and new markets, further product development and opportunities to bring additional treatments to patients.
The private equity firm highlighted the significant unmet medical needs in women’s healthcare, particularly in areas such as menopause and osteoporosis, where many women remain undiagnosed or undertreated.
Theramex Chief Executive Robert Stewart welcomed the agreement, saying the company’s mission was to serve as a long-term healthcare partner for women and the professionals treating them. He said Cinven’s healthcare experience and international presence would support the company’s expansion plans.
The acquisition builds on Cinven’s existing investments in the healthcare sector and reflects growing investor interest in specialist pharmaceutical businesses focused on women’s health.
The transaction remains subject to customary regulatory approvals and other closing conditions.
