Latham Advises Carlyle and PAI Partners on Sale of Theramex to Cinven

Latham & Watkins has advised PAI Partners, Carlyle (Nasdaq: CG), and Theramex on an agreement to sell Theramex to Cinven. Theramex is a leading global specialty pharmaceutical company focused on women’s health. The transaction is subject to customary regulatory approvals and is expected to close in the first half of 2027.

Headquartered in London, Theramex offers a diversified portfolio of treatments across menopause, osteoporosis, contraception, uterine health, and fertility. The company has established a significant international presence, reaching more than six million patients in over 80 countries in Europe, Africa, Asia Pacific, and Latin America.

The transaction continues Latham’s longstanding relationship with Theramex, which the firm has advised since its formation in 2018 through the US$703 million acquisition by CVC Capital Partners of women’s healthcare assets from Teva. The firm went on to advise Theramex on its licensing agreement with ObsEva, and advised CVC and Theramex on the 2022 sale of Theramex to PAI Partners and Carlyle.

The deal adds to a busy year for Latham’s European private equity healthcare and life sciences practice. Recent highlights include advising a consortium led by CVC and Groupe Bruxelles Lambert on its €10.7 billion cash tender offer for Recordati, the largest European pharma deal and largest leveraged buyout announced to date in 2026; Goldman Sachs Alternatives on its acquisition of a majority stake in Numantec; CVC on the sale of a minority stake in Rayner to GBL; and Inflexion on its acquisition of Primed Group.

The Latham team was co-led by London corporate partners Robbie McLaren, David Walker, and Neil Campbell, with associates Matthew O’Connor, Michael Czarnota, and Róisín Tooher. Advice on finance matters was provided by London partner Charles Armstrong, with associate Mark Walker; on tax matters by London partner Sean Finn, with associates Joshua James Atkinson and Thomas O’Malley; on antitrust matters by Brussels partner Luca Crocco, with associate Maria Martinez; and on employment and benefits matters by London partner Kendall Burnett.