Advent to Sell Zentiva to Private Equity GTCR in USD 4.8 Billion Deal, Closing Expected in 2026
New Delhi: European generics pharmaceutical company, Zentiva, will change ownership as Advent International announced the sale of its stake in the company to global private equity firm GTCR in a 4.1 billion euro ($4.8 billion) deal, the Financial Times reported.
Advent acquired Zentiva from Sanofi in 2018 for 1.9 billion euros, reports Reuters, and has since worked with its management team to expand the company’s portfolio of medicines and manufacturing footprint through organic initiatives and targeted M&A. Over the years, Zentiva has been built into a strong standalone business with a focus on operational excellence and R&D, serving millions of patients across Europe.
GTCR, which has a long history of healthcare investments and deep expertise in pharmaceuticals, said it is well-positioned to support Zentiva in its next phase of growth. The firm has backed several leading platforms and completed dozens of acquisitions in the healthcare sector over the last two decades.
Steffen Saltofte, CEO of Zentiva, said, “Advent has been an exceptional partner in Zentiva's transformation journey. Their commitment to investing in our capabilities, pipeline, and manufacturing base has been instrumental in our growth and in ensuring we can better serve millions of patients across Europe. As we move forward with GTCR, we are excited to build on this momentum to ensure continued growth and expand access to high-quality, affordable medicines.”
Reflecting on Advent’s role, Tom Allen, Managing Director at Advent, noted, “When we acquired Zentiva from Sanofi in 2018, we saw the opportunity to build an independent European leader in affordable medicines. By actively working with the management team and investing in the company's capabilities, Zentiva has more than doubled its revenue and EBITDA, establishing a strong foundation for the future. Zentiva exemplifies Advent's ability to carve out and transform non-core divisions into thriving, market-leading businesses. We are proud of what has been achieved and confident Zentiva will continue to excel under GTCR's ownership.”
Sean Cunningham, Managing Director and Head of Healthcare at GTCR, added, “We are delighted to partner with Steffen Saltofte and the talented Zentiva management team for its next phase of growth. The Company has an impressive track record of organic and inorganic expansion, a strong pipeline, and a highly efficient manufacturing platform, with a critical focus on delivering high-value medicines to patients across Europe. We look forward to supporting Zentiva as it continues to deliver on its mission.”
The transaction is subject to customary regulatory approvals and is expected to close in early 2026.
Advent was advised by Goldman Sachs and PJT Partners as lead financial advisors and Freshfields as lead legal advisor. GTCR was advised by Barclays Bank PLC (through its Investment Bank) and BNP Paribas as lead financial advisors, Morgan Stanley & Co. LLC as a financial advisor, and Kirkland & Ellis LLP as legal advisor.
Indian drugmaker Aurobindo Pharma had also been in the race to acquire Zentiva and had made a binding offer of up to $5.5 billion, Bloomberg reported last month.
