Chapter 3

The Rise of Private Equity in CDMO: A Comprehensive Analysis (2019-2023)
In this analysis, I look into the escalating influence of Private Equity in the CDMO sector over the past four years. The report lists two dozen pivotal deals which are part of a wave of investment firms buying up contractors in the pharmaceutical business, indicating a transformative shift in the industry. These transactions are not limited to any particular therapeutic area; they span from small molecules and biologics to entire business divestitures. The objective is to shine light on how Private Equity firms are not merely investing but strategically positioning themselves to meet the increasing demand for specialized pharmaceutical services. While this analysis is extensive, it does not focus on any specific geographic region. Consequently, the transactions highlighted may only represent a fraction of the global activity, particularly in rapidly evolving markets like Asia. I highly welcome additional deal information for a more holistic understanding of this investment trend.

#1: Year 2019 - Thermo Fisher Scientific and Brammer Bio

#2: Year 2020 - GHO Capital Partners and Ardena

#3: Year 2020 – Alcami, Madison Dearborn, Ampersand and TriPharm Services

#4: Year 2021 - EQT and Recipharm

#5: Year 2021 - Clayton, Dubilier & Rice and UDG Healthcare

#6: Year 2021 - Danaher and Aldevron

#7: Year 2021 - Bain Capital, Cinven and Lonza's Specialty Ingredients

#8: Year 2021 - Carlyle Group and Vectura

#9: Year 2021 - SK Capital Partners and Seqens

#10: Year 2021 - Charles River and Vigene, Cognate

#11: Year 2021 - WuXi Biologics and multiple targets

#12: Year 2021 - Catalent and multiple targets

  • Details: Catalent acquired multiple companies in 2021 to expand its cell and gene therapy capabilities, including RheinCell Therapeutics, MaSTherCell Global and Promethera Biosciences’ HCTS.
  • Sources: RheinCell Therapeutics, MaSTherCell and HCTS

#13: Year 2021 - Resilience and multiple targets

#14: Year 2022 - Vistria Group, GHO Capital Partners and Alcami

#15: Year 2022 - Astorg and CordenPharma

#16: Year 2022 - Ampersand and Vibalogics

#17: Year 2022 - Permira and Cambrex

#18: Year 2022 – Euroapi spun off from Sanofi

#19: Year 2022 - Fujifilm Diosynth Biotechnologies

#20: Year 2022 - Catalent and Metrics

#21: Year 2023 - GHO Capital, Partners Group and Sterling Pharma Solutions

#22: Year 2023 - Advent International, Warburg Pincus and Baxter's Biopharma Solutions

#23: Year 2023 - Porton Advanced Solutions

#24: Year 2023 – PAG and RK Pharma

Scroll to Top