Selected Case Studies
Selected Healthcare Services transactions
FYEO (2026)
- Acted as a sole financial adviser to the shareholders of FYEO on its sale to EuroEyes
- Access to Rothschild & Co’s extensive buyer network of healthcare strategics and financial investors, and designing a process to only engage with those parties that were both highly compatible and competitive, supporting the long-term prospects of FYEO
- Conducted a lender education process with both banks and credit funds, identifying financing structures available to potential buyers. Subsequently, Rothschild & Co also assisted EuroEyes with the financing strategy to ensure committed financing would be in place for the bid
- Provided extensive support in negotiating key SPA terms and navigating complex stakeholder dynamics including the clinicians
- By joining the EuroEyes global platform, FYEO will integrate its deep local Dutch market presence with EuroEyes internationally renowned ophthalmology offering
Voyage (2025)
- Acted as the sole financial adviser to Wren House Infrastructure in relation to Voyage Care Limited’s £425m refinancing, liability management exercise and interest rate hedge
- Rothschild & Co advised on the sale of Voyage Care to Wren House in December 2022 and has maintained a close relationship with the Company
- Structuring and negotiation of all aspects of the financing, including permissive lock-up ratios to permit capex facility funding of substantially all planned development spend
- Assisting with the close-out of the outstanding high-yield bond, including management of the rating agencies throughout the process, and liability management via tender offer
- Advised on all aspects of the hedging process, including: (i) Assessing strategic hedging alternatives, drafting and co-ordinating the hedging RfQ; (ii) Advising on allocation strategy and appointment of hedge execution bank; (iii) Benchmarking dry-run and execution calls and advice on hedge coordination and syndication process
Stingray (2025)
- Acted as sole financial adviser to Jacobs Capital on the sale of Stingray, a leading provider of radiotherapy services in France and Germany, to Fremman Capital
- Leveraged our global reach to generate significant sponsor interest during the premarketing phase, advised on strategy, timing, and process tactics to deliver an attractive valuation outcome, and coordinated negotiations to achieve a higher valuation than initial Round 2 offers, followed by swift final negotiations and signing
- The transaction marks a transformational step for Fremman and the sector, creating a scaled pan-European champion in cancer care services during a context of market uncertainty with expected pricing reforms for radiotherapy services in both France and Germany
mydentist (2025)
- Acted as sole financial adviser to Bridgepoint on its acquisition of mydentist
- Rothschild & Co has a longstanding relationship with mydentist having followed the journey for over a decade, initially advising Palamon on the acquisition of ADP (which now forms part of mydentist) in 2010, advising Carlyle on a potential IPO and sale of the Group in 2014-16, and most recently advising Bridgepoint on acquiring mydentist in 2021
- Provided extensive support on tactics and strategy, including insights into the competitive bidder landscape, delivered qualitative and quantitative input to underpin investment decision-making at every stage
- This is the third process in which Rothschild & Co has successfully advised Bridgepoint in the UK dental space, having advised on the sale of Oasis Healthcare Group to BUPA in 2016 and the acquisition of Oasis from Duke Street in 2013
EssilorLuxottica (2025)
- Acted as sole adviser to EssilorLuxottica on the acquisition of Optegra from MidEuropa
- Helped identify the opportunity and assess the strategic and cultural fit with EssilorLuxottica ahead of the sale process
- Provided EssilorLuxottica with a trusted channel of communications with key decision makers at Optegra and MidEuropa before and throughout the sale process
- Landmark transaction in the European ophthalmology space, building on Rothschild & Co’s global track record in ophthalmology services
Diagnostyka (2025)
- Acted as independent financial adviser to MidEuropa on the €404m IPO of Diagnostyka on the Warsaw Stock Exchange
- Diagnostyka was the first European Healthcare Services IPO since 2021 and the second-largest in the last 5 years
- Process designed by Rothschild & Co to maximise optionality and transaction certainty for MidEuropa, resulting in a highly successful transaction allowing MidEuropa to fully exit its stake at IPO
- Supported MidEuropa and Diagnostyka in the preparation and execution of an IPO-led dual track process
- Allocations achieved a high-quality shareholder base, with Long Only accounts taking vast majority of the deal and balanced split between domestic and international accounts
Retina Consultants of America (2024)
- Acted as financial adviser to Retina Consultants of America, a leading network of retina specialists and a portfolio company of Webster Equity Partners, on its sale to Cencora
- Advised the RCA Board, management team, and Webster on navigating and negotiating a highly complex transaction and competitive process
- Educated co-investors and sovereign wealth funds in parallel during round one, to ensure bidders had access to various potential financing options
- This transaction represents a marquee transaction in the U.S. healthcare provider space and a highly successful outcome for RCA shareholders, including its majority shareholder physicians, who will monetize a significant portion of their equity interests at an attractive valuation while concurrently rolling their remaining equity in the company
Exemplar (2024)
- Acted as sole financial adviser to Ares Private Equity (“Ares”) and Exemplar Health Care Group Limited (“Exemplar”) on Exemplar’s new £490m refinancing, comprising a £450m unitranche (of which £150m structured as committed capex line) and £40m Super Senior RCF
- Strategic advice on greenfield expansion plan and related operating assumptions to optimise business profile, including providing proof of ability to scale rapidly ahead of exit
- Tactically structured process focused on incumbents, new lenders, and their co-investors to maximise liquidity pool, and thereby competitive tension, allowing for selection of more favourable financing structure
- Font-of-market terms for challenging sector, including discounted fees, 150bps margin reduction, debt incurrence 1x above opening leverage for life, bespoke RR-EBITDA formulation, highly permissive S&LB flexibility and portability (including capex line availability for recap at portability)
Sandoz (2025)
- Rothschild & Co acted as sole financial advisor to Sandoz in connection with the acquisition of Just – Evotec Biologics EU SAS from Evotec SE (“Evotec”) for an upfront cash consideration of ~$350m and additional success-based milestones of up to $300m
- This includes a manufacturing site in Toulouse, as well as an indefinite technology license for Just – Evotec Biologics’ continuous manufacturing technology
- This transaction allows Sandoz to secure control over its biosimilars pipeline, helping the company capitalise on the projected $300bn biosimilars market opportunity over the next 10 years
CVC (2025)
- Rothschild & Co acted as sole financial adviser to CVC Capital Partners and the Pavese Family on the disposal of Genetic S.p.A., a specialised and integrated CDMO and dossier developer with a focus on complex formulations for the respiratory and ophthalmology therapeutic areas, to Renaissance Partners and Aurora Growth Capital, together with Renaissance Partners
- The transaction resulted in a co-control partnership between the founding family, who will reinvest a significant part of the proceeds, and the investor, who will acquire c.50% of the share capital of Genetic
- The partnership with Renaissance Partners and Aurora Growth Capital represents the beginning of a new growth chapter for Genetic to become a global leading R&D-driven CDMO platform
Synthon (2024)
- Financial advisor to BC Partners on the sale of Synthon to Goldman Sachs Asset Management for an enterprise value of €2bn
- Leveraged our global reach and deep understanding of the out-licensing CDMO landscape, Rothschild coordinated a targeted pre-marketing process which generated significant interest from financial sponsors and built strong momentum prior to the process
- Supported by a comprehensive and data-driven suite of marketing materials, Rothschild designed a process which allowed parties to form strong conviction in a short amount of time and created significant competitive tension throughout, which resulted in a highly successful outcome for BC Partners
FAMAR (2024)
- Financial advisor to MidEuropa Partners on its acquisition of a controlling stake in FAMAR, a leading European pharmaceutical contract manufacturing organisation (CMO)
- Advised MidEuropa Partners on strategy and bid tactics in a highly competitive auction process, leveraging Rothschild & Co’s deep sector expertise and extensive network to deliver critical insights for submission of the final binding offer
- Delivered detailed valuation analysis and operational insights, enabling MidEuropa to form strong conviction in the investment thesis
- Provided detailed insights on precedent PEH CDMO investments and their respective transformation journeys, serving as a blueprint for MidEuropa’s strategic objectives in respect of FAMAR
DSM (2024)
- Sale of its MEG-3 fish oil business to KD Pharma Group in exchange for a 29% stake in O³ Holding GmbH, KD Pharma’s parent company
- Facilitated a bilateral negotiation, enabling dsm-firmenich to de-prioritize its fish oil business while leveraging synergies between MEG-3’s production facilities and KD Pharma’s high-concentration capabilities
- Delivered strategic and tactical advisory services, including valuation support, financing analysis, and negotiation of shareholder loan terms and bridge financing
- dsm-firmenich will work alongside capiton AG to grow KD Pharma towards a successful exit, transitioning to a customer of KD Pharma as it continues to offer MEG-3 fish oils for the Early Life Nutrition markets as well as MEG-3 powders
Chanelle Pharma (2024)
- Sole financial advisor to the shareholders of Chanelle Pharma on its sale to Exponent Private Equity
- Leveraged R&Co’s global network of bankers and clients to build interest, create competitive tension and maintain momentum during the transaction, which resulted in high interest from financial sponsors and trade buyers
- Additionally, ran a comprehensive diligence workstream, which included a full suite of management meetings, expert sessions, lender education program and Q&A
- Strong financial outcome achieved for the shareholders and founder despite difficult market conditions and operational challenges
Medline (2025)
- Co-manager on Medline’s upsized $6.3bn IPO on Nasdaq (2025)
- Largest US IPO since EV truck maker Rivian Automotive in 2021 and largest Healthcare IPO in history
- The transaction underscores our long-standing relationship with Medline which dates back to 2021 when Rothschild & Co advised the underbidder consortium when Medline was sold to Blackstone, Carlyle and H&F
- The offering was anchored by the Mills Family for $250 million and institutional investors Baillie Gifford, Capital Research, Morgan Stanley Investment Management, Durable Capital, GIC, Janus Henderson, Viking Global and WCM for $2.35 billion in aggregate (41.5% of the IPO)
- Bookbuilding generated strong demand with the final book being 10x+ oversubscribed, with the top 10 accounts receiving c.50% and the top 25 accounts receiving c.80% of the final allocations
- The IPO was upsized by 20% at pricing, comprised of c. 72% primary shares and c. 28% secondary shares and priced at $29/share, the upper-half of the initial $26-$30/share marketed range
- Our sales force sourced $4.1 billion in aggregate demand for Medline’s IPO, including approximately $900 million from non-US accounts, highlighting Rothschild & Co’s differentiated Rest-of-World distribution capabilities
Ypsomed (2025)
- Advised on the complex separation and ~CHF420m strategic sale, enabling both Ypsomed and YDC to capture long-term growth within the growing diabetes market
- Conducted a full strategic review by analysing potential exit routes for YDC
- Prepared valuation benchmarking and other analyses for Ypsomed during the preparation and process phase
- Advised on key value drivers and deal structuring while supporting commercial and financial negotiations leading to an uplift in headline valuation
IGS GeboJagema (2025)
- Acted as sole financial adviser to the shareholders of IGS GeboJagema on the sale to BC Partners
- Provided comprehensive strategic and tactical advice, alongside project management, to ensure momentum and competitive tension was maintained at all times
- Assisted the Company’s management in developing a credible growth strategy including the identification of potential M&A targets and strategic opportunities, increasing bidder conviction in the near-term and long-term growth of the market
- Leveraged expert knowledge in the healthcare space to provide potential investors with comfort on the overall market and longevity of the underlying injectable GLP-1 trend which drives a significant amount of growth for the business
- Creation of a comprehensive set of marketing documents and business plan, coordination of the due diligence process, expert sessions, site visits and time with management over a long period of time to build a stronger and more natural relationship with investors
PAI Partners (2025)
- Acted as sole financial advisor to PAI Partners on the disposal of its stake in Amplitude Surgical to Zydus Lifesciences and subsequent mandatory cash tender offer
- The transaction marks a culmination of Rothschild & Co’s close collaboration with Amplitude Surgical over the last 14 years, having been involved in several transactions including: i) sole financial advisor to Weinberg Capital Partners on the disposal of Amplitude to Apax Partners in 2011; ii) sole financial advisor to PAI Partners on its acquisition of a majority stake in Amplitude from Apax and subsequent mandatory tender offer in 2020 and; iii) sole financial advisor to Amplitude and PAI Partners on the disposal of Novastep SAS and Novastep Inc. (Amplitude’s lower extremity business) to Enovis Corporation in 2023
- The transaction also strengthens Rothschild & Co’s orthopaedic franchise, having advised on several transactions in the space including Medacta’s acquisition of Parcus Medical, NGK on the sale of its 30% interest in MDM to Mitsui Chemicals, Demetra on its sale to Astorg, Medacta on its IPO, Spineart on its minority investment by EGS, and Corin on its sale to Permira
- Rothschild & Co advised PAI Partners on all aspects of the Transaction including the assessment of the transaction price, coordination of the due diligence process, preparation of marketing materials, negotiation of transaction documentation and advice on negotiation tactics throughout the process, structuring of the transaction
Swixx (2025)
- Rothschild & Co acted as sole financial advisor to SK Capital Partners on the acquisition of Swixx BioPharma, a global leader in pharmaceutical commercialization services for underserved and hard-to-reach markets, at an EV in excess of €1.5bn
- The transaction marks one of the largest European pharma services deals of 2025
- Rothschild & Co delivered distinctive value by leveraging deep sector insight and long-standing relationships with Swixx’s founders and shareholders to provide tactical and strategic advice throughout a highly competitive process
- Supported SK Capital in differentiating its bid, managing accelerated due diligence, and preparing valuation and exit analyses (including IPO scenarios), while ensuring seamless coordination across multiple workstreams and stakeholders under tight timelines
CapVest (2025)
- The transaction forms part of CapVest’s newly established continuation vehicle including both Perceptive and Curium at an implied EV of ~$7bn
- The vehicle was led by ICG, TPG GP Solutions and CVC Secondary Partners and further supported by global investor syndicate, with CapVest remaining the controlling shareholder
- Perceptive is a leading imaging-focused contract research organisation, providing mission critical endpoint data to support pharmaceutical companies across pre-clinical and clinical drug development
- Rothschild & Co advised on the optimal positioning of Perceptive, crafting a compelling equity story across a comprehensive suite of investor materials amid a challenging market sector backdrop
- Rothschild & Co supported management in refining the business plan to strengthen the investment case as well as coordinating due diligence and supporting education of prospective investors on the sector and opportunity
GTCR (2025)
- Rothschild & Co acted as sole financial advisor to GTCR LLC on the sale of Klick Health to Linden Capital Partners and GIC
- The transaction constitutes a partnership between new investors, Linden Capital Partners and GIC, and the Klick co-founders, Leerom Segal and Aaron Goldstein, who will reinvest in the Company
- Klick achieved a premium “high teens” EBITDA multiple through a competitive and focused process
- The founders were able to monetize a portion of their shareholding, while retaining a significant stake and maintaining co-control
NovAliX (2024)
- Exclusive financial advisor to the shareholders of NovAliX on a minority sale and capital increase with Bruker, a US-based Life Science Research and Diagnostics Solutions manufacturer
- Ran a competitive dual-track process, attracting multiple strategic and financial investors, culminating in a binding offer from Bruker in May 2024
- Delivered a strong outcome, enabling NovAliX founders to retain ~70% ownership post-transaction and facilitating future equity acquisitions through put/call mechanisms
- Transaction supports growth, advancing NovAliX’s expansion in Europe and the US while leveraging Bruker’s biophysical innovation capabilities to accelerate the Group’s drug discovery services
Instem (2023)
- Recommended cash offer from ARCHIMED SAS
- Advising on strategy and defence tactics including extensive negotiation, having received and rejected a series of unsolicited proposals from ARCHIMED
- Obtaining a compelling all-cash offer to existing shareholders, with a material premium to the prevailing closing share price, and an implied EBITDA multiple of 18.3x
Behrman Capital (2022)
- Sale of Emmes to New Mountain Capital
- Designed a tailored process with a narrow group of highly motivated buyers, comprising both trade and private equity
- Provided extensive strategic advice on the transaction structure and negotiating tactics with the potential buyers, resulting in an attractive outcome for the sellers
SERB Pharmaceuticals / Y-mAbs (2025)
- Rothschild & Co acted as sole financial advisor to SERB Pharmaceuticals on its US public tender offer for Y-mAbs Therapeutics at $8.60 per share in cash (equity value of $412m), representing a 105% premium to the pre-announcement share price
- Y-mAbs is a commercial-stage biopharma company focused on oncology, with its lead asset Danyelza, the first FDA-approved treatment for relapsed/refractory high-risk neuroblastoma, and a proprietary SADA platform developing radiopharmaceutical therapies
- The acquisition strengthens SERB’s rare oncology portfolio and expands its U.S. footprint, creating a platform for future growth
- Rothschild & Co delivered distinctive value by guiding SERB through its first-ever acquisition of a U.S. public company, managing complex tender offer mechanics, structuring negotiations, and advising on strategic options including scope evolution from asset-only to full-company acquisition
Theravia (2025)
- Rothschild & Co acted as financial advisor to Mérieux Equity Partners on the sale of Theravia Pharma, a rare disease-focused platform, to Norgine
- Theravia offers a portfolio of marketed products addressing critical unmet needs in haematology and hepatology (including Siklos for Sickle Cell Disease and Orphacol for BASD), alongside a promising pipeline in anaphylaxis, fertility, and dermatology
- Rothschild & Co delivered significant value through an extensive, year-long pre-marketing efforts, leveraging its global healthcare network to engage 80+ potential buyers and lenders, ensuring strong competitive tension and positioning
- Advised on timing and structuring, including a profit-sharing mechanism for pipeline assets
- R&Co also assisted the shareholders on a lenders education process resulting in the submission of 13 preliminary financing terms (9 senior / bank structures and 4 unitranche structures)
- A competitive Round II was launched with a handful of bidders, resulting in a value uplift of 20%+ from Round I non-binding offers to binding offers in April 2025
Essential Pharma (2024)
- Sole financial advisor to Gyrus Capital on the €584m continuation vehicle for Essential Pharma, with an implied EV of £650m
- Rothschild & Co assessed multiple strategic options, and designed a bespoke process, delivering an optimal solution to position Essential Pharma for the next phase of growth
- Delivered a highly competitive two-step auction, resulting in AlpInvest as lead investor and an oversubscribed syndication with blue-chip investors, alongside debt financing from Sixth Street
- Achieved a premium valuation and expedited closing in Q4 2024, enabling Essential Pharma to execute near-term M&A targets and solidifying Rothschild & Co’s leadership in healthcare GP-led and European Pharma transactions
Biomunex (2024)
- Financial advisor to Biomunex Pharmaceuticals on a global licensing agreement with Ipsen for BMX-502, a bispecific MAIT engager, with a total consideration of up to $610m, including milestones and tiered royalties
- Conducted a competitive process, identifying strategic partners and refining the license proposal to position Biomunex for optimal outcomes in its BMX-502 program
- Supported Biomunex through a comprehensive due diligence and negotiation process, leading to the agreement with Ipsen in December 2024
- Leveraged Rothschild & Co’s expertise to structure and execute the deal, ensuring favourable financial terms and a strong partnership for Biomunex’s breakthrough oncology platform
Alvogen (2025)
- Rothschild & Co acted as joint financial advisor to Alvogen, CVC Capital Partners, Temasek, and other shareholders on the announced sale of Alvogen to Lotus Pharmaceutical Co at an enterprise value of ~$2bn (incl. earnout)
- The transaction creates a leading international specialized generics platform with dual U.S. and APAC growth engines, combining Lotus’s best-in-class R&D and manufacturing capabilities with Alvogen’s complex generics portfolio.
- Rothschild & Co provided differentiated value through strategic option assessment, equity story development, and design of a tailored process, including scenario modeling around high-value products such as Lenalidomide and positioning Alvogen’s pivot toward branded products.
- Coordinated a multi-phase process from strategic review to competitive outreach, engaging 16 strategic acquirers and 5 financial sponsors, and managed complex shareholder alignment to deliver a landmark industry transaction
STADA (2025)
- Rothschild & Co acted as joint lead M&A advisor to Cinven and Bain Capital on the dual track process resulting in the sale of a majority stake in STADA Arzneimittel AG, a leading European manufacturer of high-quality pharmaceuticals, to CapVest, representing an enterprise value of approximately €10bn
- This landmark transaction represents the largest European LBO M&A deal of 2025
- Rothschild & Co advised Cinven and Bain Capital from the outset of the process for STADA, initiated in October 2023
- Since then, Rothschild & Co has worked closely with the shareholders and STADA on all aspects of the transaction, including assessing strategic options, positioning the asset with a compelling equity story, and designing and executing a tailored dual-track process to explore the M&A track while retaining optionality to pivot to an IPO track.
- This transaction illustrates Rothschild & Co’s i) ability to efficiently design, orchestrate and execute comprehensive and flexible dual-track processes, ii) execution capabilities, addressing highly challenging transaction specificities (including carve-out of Russian perimeter), and iii) diligence execution in tight timelines
- Long-term relationship with STADA following the take-private in 2017 by Bain and Cinven, and subsequent sale of Walmark to STADA in 2019
BC Partners (2025)
- Rothschild & Co acted as sole financial advisor to BC Partners on the acquisition of Biogaran from Servier Group, with Bpifrance considering a minority investment alongside BC Partners
- Biogaran is France’s leading generics player, offering affordable medicines across multiple therapeutic areas and contributing significantly to cost savings in the French healthcare system
- The transaction involved a complex carve-out from Servier and required navigating political sensitivities, including direct engagement with French Ministries and structuring a consortium with Bpifrance to strengthen local alignment
- Rothschild & Co provided distinctive value through strategic advice on bid tactics, successfully re-engaging after an earlier process was deferred, addressing regulatory hurdles such as the clawback mechanism, and mapping potential exit strategies for long-term growth
KKR (2025)
- Rothschild & Co acted as financial advisor to KKR on the sale of its controlling stake in JB Chemicals & Pharmaceuticals to Torrent Pharmaceuticals at an equity valuation of c.INR 257 bn (c.US$3bn)
- The transaction represents the largest announced M&A deal in India YTD 2025 and the second largest in the Indian pharma/healthcare sector over the last decade
- This acquisition enables Torrent to strengthen its chronic segment leadership, enter new therapeutic areas such as ophthalmology, and diversify into CDMO services, positioning it among the top five pharmaceutical companies in India
- Rothschild & Co provided end-to-end advisory support, including strategic positioning, marketing materials, bidder engagement, and coordination of a broad auction process, ensuring a successful outcome despite different views on valuation initially
Sanofi (2024)
- Lead financial advisor to Sanofi on the dual track process resulting in the partnership with CD&R via 50% disposal of Opella at c.€16bn EV
- Rothschild & Co assisted Sanofi and Opella’s management teams in evaluating thoroughly two key strategic tracks: i) public (IPO vs spin-off), and ii) private (identification of bidders, co-investors, optimal structure and terms among others)
- From the beginning and throughout the entire process, Rothschild & Co provided holistic and integrated advisory services on all streams (M&A, ECM, Financing) and ran both the public and private tracks in parallel for as long as possible, which created competitive tension and optionality for our client
- The transaction showcases Rothschild & Co’s unique ability to efficiently orchestrate and execute dual-track processes, long and complex carve-outs, and highly challenging transactions with numerous legal, regulatory and operational challenges on a global scale
Sandoz (2023)
- Strategic advice to the Board of Directors of Sandoz in preparation of its CHF10.3bn (c.$11.2bn) spin-off from Novartis and listing on SIX Swiss Exchange
- Assisted Sandoz in the preparation for the spin-off including equity story, investor targeting, M&A strategy and valuation
- The Transaction highlights the depth of Rothschild & Co’s Global Advisory offering, with advice spanning M&A and Strategic Advisory as well as Equity Market Solutions such as ECM and Investor Advisory with market feedback post transaction from Redburn Atlantic, provided by cross-border teams in London, Paris, and Zurich
Inventia Healthcare (2024)
