The private equity firm GTCR, based in Chicago (US), has agreed to acquire Zentiva, a European generics drugmaker, from Advent International in a deal valued at €4.1 billion including debt. The transaction marks one of the largest private equity takeovers in the pharmaceutical sector in Europe this year and underscores investor appetite for scale in generics of drugs.
Headquartered in Prague, Zentiva was once the generics division of Sanofi before Advent carved it out in 2018 for €1.9 billion. Since then, Advent has expanded the business into 35 European markets, positioning the company as a supplier of widely used medicines such as paracetamol and co-codamol. The company says it now reaches more than 100 million patients and has a goal to serve one in five Europeans by the end of the decade.
The deal comes just days after UK private equity group CapVest bought a majority stake in Stada, another European generics player, valuing the business at €10 billion. GTCR, which manages US$ 46.7 billion in assets (AUM), had previously been in talks to acquire Stada, highlighting its strategic push into healthcare. The firm has a history of backing healthcare platforms and sees generics as a growth area amid pressure to lower drug costs.
For Advent, the sale of Zentiva represents a lucrative exit after seven years. The private equity group more than doubled its initial investment, capitalizing on the continued consolidation of the generics market. The move also fits into a wider trend: according to LSEG data, global healthcare deals hit US$ 198 billion by the end of August, up 2% against the same period last year, with private equity playing a major role in acquisitions.
The transaction underscores how rising demand for affordable medicines is reshaping the pharmaceutical sector in the region. While established pharma groups increasingly divest non-core units, private equity funds are stepping in to scale up regional champions. Analysts say this consolidation is likely to intensify, as investors bet on steady demand for low-cost drugs even in a challenging macroeconomic environment.