Latham, Linklaters and Freshfields land roles on €2.6bn Theramex sale to Cinven

‍Latham & Watkins, Linklaters and Freshfields have taken lead roles on the sale of women’s health pharmaceutical business Theramex to Cinven.

Freshfields advised Cinven on the acquisition from Carlyle and PAI Partners. While the deal value has not been disclosed the Financial Times has reported it at approximately €2.6 billion.

Latham were lead sell side counsel and advised Carlyle and PAI on the sale, with a team led by London corporate partners Robbie McLaren, David Walker and Neil Campbell.

Linklaters also advised Carlyle, PAI and Theramex, with a team led by London corporate partner Daniel Law.

Latham and Linklaters reunited

The deal reunites Latham and Linklaters with a business both firms advised on its previous change of ownership in 2022.

Latham advised CVC and Theramex on that sale, while Linklaters represented buyers Carlyle and PAI.

Carlyle and PAI said the business had more than doubled its EBITDA since the 2022 acquisition.

Latham’s relationship with Theramex dates back to its formation in 2018, when CVC acquired a portfolio of women’s healthcare assets from Teva for $703 million .

Freshfields and Cinven

For Freshfields, the mandate adds to a series of recent instructions from Cinven. In July, the firm advised Cinven and portfolio company Vitamin Well on debt financing for its combination with nutrition bar manufacturer EMPWR.

The firm is also advising the Advent and Cinven-led consortium on merger control and other regulatory aspects of the proposed €29.4 billion combination of TK Elevator and Kone, announced in April.