Ethypharm
- Investment date : April 2007
- Transaction size (Enterprise Value) : 100-300€m
- Industry : Healthcare
- Activity : Pharmaceutical laboratory
- Previous Majority Shareholder : Private / Family
- Status : In portfolio
- Fund : Astorg IV

Created in 1977 Ethypharm is one of the world leaders in the development and manufacturing of oral DDS (“Drug Delivery Systems”). The company supplies both major pharmaceutical groups and generics players with high-end drugs that feature particular absorption technologies. Drug Delivery Systems provide major benefits including improving the drug efficacy, enhancing patient compliance and comfort, extending the life cycle of existing drugs, and reducing the total cost of treatment.
With strong international exposure, the company employs 810 people in several production and R & D sites located in France, Canada, China and India. Their product portfolio currently includes about fifty specialties, sold to over 140 customers around the world.

• European leader in a specific – growing and sheltered - niche of the pharmaceutical market, fueled by the fast development of generic drugsin Europe.
• Very high entry barriers: control over specific and patented technologies, capacity to move to industrial production, regulatory expertise at obtaining Market Authourisations.
• Highly predictable sales (long term contracts), and a strong upside potential with promising products in the pipe line.
• Primary LBO with potential for improvement in terms of organization, industrial optimization, and cash management.

«
With Astorg Partners we found a team with sector expertise ready to invest in complex environments. We are delighted to start a partnership which will help us take advantage of the numerous opportunities available in advanced pharmaceutical technologies. »
Gerard Leduc,
Cofounder and Chairman of Ethypharm’s Supervisory Board