News Article

Global private equity firm Advent International has agreed to sell Czech generics leader Zentiva to Chicago-based private equity firm GTCR for €4.1bn, marking one of Europe’s largest healthcare transactions of 2025 and underscoring robust investor appetite for stable pharmaceutical assets. 

Advent acquired Zentiva from Sanofi in 2018 for €1.9bn and exits at more than double the valuation, reflecting seven years of operational transformation.

Under Advent, Zentiva doubled revenue and EBITDA, expanded into 35 European markets, and now serves over 100 million patients through four owned manufacturing sites and a network of external partners.

The transaction highlights accelerating consolidation in Europe’s generics sector, coming just weeks after CapVest’s €10 billion acquisition of Stada—a deal GTCR had previously pursued. This back-to-back activity signals private equity’s deepening focus on resilient pharma platforms with local manufacturing capabilities, particularly amid geopolitical pressures for supply chain security.

For operators, the deal reinforces the importance of R&D investment and manufacturing agility in generics. Zentiva’s CEO Steffen Saltofte emphasized GTCR’s alignment with its mission to expand access to affordable medicines, suggesting continuity in strategy but heightened focus on innovation. Meanwhile, Advent’s exit at 2.2x return sets a benchmark for PE exits in pharma, though rising valuations may pressure future deals.

The deal follows a competitive auction process and is expected to close in early 2026, subject to regulatory approvals.