Astorg Partners and Montagu Private Equity have opened discussions about a possible sale of their majority interest in Nemera, the French company that produces drug delivery devices, according to people familiar with the matter. The private equity owners have been consulting advisers as they explore options for a divestment that could carry an indicative value of roughly c3 billion (about $3.5 billion).
Those involved expect the formal process to begin in the coming months, though the owners remain in the early stages of evaluating the transaction.
Nemera's product portfolio includes a range of delivery formats such as auto-injectors, pen devices, inhalers, eye droppers and pumps. The firm operates manufacturing sites across several countries, with facilities located in the United States, France, Germany, Poland and Brazil.
Management and owners have been expanding capacity to address stronger demand for devices intended for GLP-1 class weight-loss drugs as well as insulin therapies. The rise of GLP-1 medications has been singled out in industry reporting as a key driver of growth for the pharmaceutical delivery device sector, and Nemera has been positioning its operations to capture part of that market expansion.
Last year, the two majority owners invited LGT Capital Partners to take a minority stake in Nemera. That minority investment remains part of the company's ownership structure as the majority holders now weigh potential options for a sale.
At present, the private equity firms are at an exploratory stage. They have engaged advisers to assess market interest and deal dynamics, and have an internal view that a transaction could be valued at about c3 billion. The timing and outcome of any formal sale process are not yet determined.
Context for markets and stakeholders
- Private equity and M&A - A possible sale of Nemera would represent a notable transaction in the medtech and pharma supply chain segments.
- Pharmaceutical delivery devices - Nemera's expansion is tied to demand dynamics for GLP-1 weight-loss medications and ongoing insulin therapy needs.
- Manufacturing footprint - Nemera's global production presence across the US, France, Germany, Poland and Brazil underpins its capacity to supply multiple markets.