Private equity firm GTCR is close to finalizing a deal to acquire Zentiva, the European generic drugmaker owned by Advent International, in a transaction valued at about $4.8 billion, according to people familiar with the matter.
GTCR is understood to have emerged as the frontrunner after surpassing offers from rival bidders, including other private equity firms and pharmaceutical companies. An official announcement could come as early as Thursday, the sources said, requesting anonymity because discussions remain private. Representatives for GTCR, Advent, and Zentiva have not yet provided comment.
Advent has been exploring a sale of Zentiva for several months, working with advisers Goldman Sachs Group Inc. and PJT Partners Inc., Bloomberg previously reported. Potential suitors included TPG Inc. and India’s Aurobindo Pharma Ltd., though neither ultimately secured the deal.
Zentiva, headquartered in Prague, has a long history in European pharmaceuticals dating back to the 15th century. Nationalized in 1946, the company underwent a management buyout in 1998 that repositioned it with a focus on branded generic medicines. Sanofi SA acquired Zentiva in 2009 but later sold it to Advent in 2018 for €1.9 billion ($2.2 billion). Since then, the company has expanded its footprint across more than 30 countries, with manufacturing facilities in the Czech Republic, Romania, and India.
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The pending acquisition reflects a broader trend of private equity investment in generic drugmakers, which are viewed as stable revenue generators amid shifting priorities at major pharmaceutical companies. Large drugmakers increasingly focus their resources on developing advanced therapies and biologics, leaving room for specialized firms to scale in the generics market.
This month, CapVest Partners agreed to acquire control of Stada Arzneimittel AG, valuing the German pharmaceutical company at around €10 billion including debt. The deal ended prolonged uncertainty over Stada’s future and underscored sustained investor appetite in the sector.
For GTCR, based in Chicago, the Zentiva acquisition would mark another high-profile move in healthcare, an area where the firm has been steadily expanding. The deal would also represent a significant exit for Advent, which has sought to capitalize on strong demand for generics by bringing Zentiva back to the market at more than double its original purchase price.
If completed, the transaction would be one of the largest private equity deals in European pharmaceuticals this year, further cementing the role of buyout firms in shaping the future of the generic drug industry.
