Astorg announces that they have entered into exclusive negotiations with PAI Partners for the sale of Ethypharm

Leveraging on its unique expertise in the formulation, development, registration and production of drugs with complex dosage forms, especially opioids, Ethypharm has become a leading European specialty pharma focusing on the treatment of pain and addictions. With a presence in France, Germany, the UK, Canada, the US and China, Ethypharm generates over €200 million of sales.

The offer of PAI is subject to the consultation process of the relevant "Comités d'entreprise" (French employee works councils) and all parties will enter into the final negotiations on successful completion of this process.

Hugues Lecat, CEO of Ethypharm, said: "We are proud of Ethypharm's achievements to date and believe PAI's institutional support would facilitate our plans for international expansion and for development as a specialty pharmaceutical company. We look forward to working with PAI and are thankful to Astorg for their unconditional support over the last years."

Thierry Timsit, Managing Partner at Astorg, said: "We acquired Ethypharm in 2007 alongside one of its co-founders, Gérard Leduc, and have patiently added the skills, R&D investments and market access abilities, organically and through add-on acquisitions, to reposition the company as a strong and focused specialty pharma. We are proud of this transformation, made possible by the alliance of long term capital and a fantastic talent pool, led by CEO Hugues Lecat."

Edward Chandler, Partner at PAI commented: "We are delighted to partner with Hugues Lecat and his team to support the continued growth and success of Ethypharm. The company has an excellent management team, a clear vision of what it is seeking to achieve, and a bright future as a specialty pharmaceutical company."