Ropes & Gray has advised Pharmathen, a leading European complex drug delivery and formulation developer, on its acquisition of CBL Patras, a leading vertically integrated and US-FDA approved peptide manufacturer and supplier in Europe.

Pharmathen has developed one of the most advanced pipelines of long-acting injectables (LAI), sustained-release oral solids and ophthalmic formulations, produced in its US-FDA and EU-approved manufacturing facilities in Greece. The acquisition further strengthens its position in the global peptide therapeutics market currently valued at an estimated EUR 38bn and expected to reach EUR 100bn by 2033.

CBL Patras is one of the key peptide material suppliers in Europe, offering peptide starting materials and intermediates, as well as industrial and commercial-scale manufacturing of proprietary and generic GMP peptides. The company was founded in 1990 by Professor Dr. Kleomenis Barlos and the Barlos family will continue to work closely with Pharmathen and CBL’s management team, to solidify and provide any required scale to support the growth of the integrated businesses globally.

Ropes & Gray worked on the M&A aspects of the transaction, with Greek law firm Karatzas & Partners. The Ropes & Gray team was led by private equity partner John Newton, counsel Laura Kayani, and associates Victoria Srivastava, Charlie Shephard and Max Banister-Buffery.

Ropes & Gray previously advised Partners Group on its acquisition of Pharmathen from international investment firm BC Partners. The transaction, which completed in 2022, valued Pharmathen at an enterprise value of around EUR1.6 billion.