Healthcare Private Equity Spotlight: Permira Launches Neuraxpharm Sale Amid $1.8 Billion Buyout Financing

Permira, a leading European private equity firm, has launched the sale of its portfolio company Neuraxpharm, a specialty CNS pharmaceutical business, with lenders arranging $1.8 billion in buyout financing. The move underscores the continuing appetite for healthcare private equity deals targeting high-growth, resilient pharmaceutical companies.

Neuraxpharm: A Specialty Pharma Leader

Neuraxpharm, headquartered in Germany, is a specialty pharmaceutical company focused on central nervous system (CNS) disorders. Its portfolio spans psychiatry and neurology, including both innovative and generic medications. Notable products include therapies for multiple sclerosis and depression, as well as high-margin specialty CNS drugs. The company operates in more than 30 countries, combining local market expertise with a robust international footprint.

Founded in 2009, Neuraxpharm has consistently invested in R&D and pipeline development. Under Permira’s ownership since 2020, the company expanded its operations across Europe, strengthened its research capabilities, and improved operational efficiency in manufacturing and supply chains. Permira also focused on cross-border acquisitions to build a broader CNS-focused pharmaceutical platform.

Healthcare Private Equity Deal Structure

The sale involves leveraged buyout (LBO) financing, a common structure for large PE exits. Lenders, including leading banks and private credit funds, are reportedly preparing up to €1.5 billion in debt financing. This structure allows the buyer to acquire the company using a mix of equity and debt, potentially amplifying returns if Neuraxpharm continues to perform.

Industry sources suggest Permira may seek €3–4 billion in proceeds, reflecting the company’s revenue growth, profitability, and strategic positioning. EBITDA margins have improved under Permira’s ownership, aided by operational efficiencies and expansion into higher-margin products.

Why Healthcare Private Equity Is Eyeing Neuraxpharm

Healthcare has remained a consistent target for private equity due to the sector’s resilience, predictable cash flows, and regulatory barriers to entry. Neuraxpharm’s CNS focus is particularly attractive, given high patient need, patent protections, and specialized expertise.

For lenders, the transaction signals confidence in leveraged financing for high-value healthcare buyouts. For prospective buyers, Neuraxpharm presents an opportunity to acquire a specialized, scalable business with a strong R&D pipeline and growing international market share.

Strategic Implications for PE Investors

The sale highlights several trends in European PE:

1. Healthcare specialization: Firms are increasingly targeting niche pharma segments with stable demand and growth potential.
2. Cross-border consolidation: Expanding into multiple markets remains a core growth strategy for PE-owned healthcare platforms.
3. Debt financing confidence: Lenders are willing to underwrite large LBOs, reflecting continued liquidity in leveraged finance markets.

This transaction may influence valuations for other specialty pharmaceutical platforms in Europe. As investors compete for high-growth healthcare companies, we can expect increased deal activity in this space.

Market Outlook for Specialty Pharma Buyouts

Non-binding offers are expected in early 2026, with final bids and potential deal closure by mid-year. Analysts expect competition from both strategic buyers and PE firms, particularly those looking for operational synergies or entry into the CNS segment.

Permira’s Neuraxpharm sale will be a bellwether for healthcare buyouts, illustrating how PE firms continue to target high-growth, defensible assets while leveraging debt structures to maximize returns.