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- Zentiva
Zentiva Acquisition, Valuation & Financials
Zentiva was acquired by GTCR for $4.8B in September 2025, a 2.5x multiple on $1.9B of revenue.
Zentiva acquisition price
$4.8B
Acquired by GTCR · Sep 2025
Zentiva revenue at acquisition
$1.9B
Last twelve months · Sep 2025
Zentiva revenue multiple at acquisition
2.5x
EV/Revenue · Sep 2025
Zentiva EBITDA multiple at acquisition
10.0x
EV/EBITDA · Sep 2025
About Zentiva
Zentiva AS is engaged in the development, production, and distribution of generic medicines. It operates in more than 25 European markets. The company therapeutic areas inlcude Cardiovascular, Central nervous system, Gastrointestinal and metabolic disorders, Anti-inflammatory and pain, Ophthalmology, Anti-infectives, Urology, Respiratory, Blood disorders, and Oncology.
Founded
1993
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$1.9B (Sep 2025)
Valuation
$4.8B (acquired Sep 2025)
Sectors
Zentiva Acquisition
Zentiva was acquired by GTCR for $4.8B on 11 September 2025.
The acquisition price implies a 2.5x revenue and 10.0x EBITDA multiple on $1.9B of revenue.
Advent International agreed on 11 September 2025 to sell Prague-based generics maker Zentiva to US private equity firm GTCR. The parties did not disclose the price; press reports put it at about EUR 4.1 billion, or roughly USD 4.8 billion. Zentiva develops, makes and sells affordable medicines for more than 100 million people in over 30 countries, runs four wholly owned manufacturing sites in the Czech Republic, Romania and India and employs more than 5,000 people; it reported net revenue of EUR 1,609 million and proforma EBITDA of EUR 409 million in 2024. Advent bought Zentiva from Sanofi in 2018 and says revenue and EBITDA have more than doubled since. Chief executive Steffen Saltofte and the management team stay in place. The transaction is subject to customary regulatory approvals and was expected to close in early 2026.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 11 Sep 2025 | PE buyout | $4.8B | 2.5x | 10.0x |
Sources: adventinternational.com, europeanpharmaceuticalreview.com, thepharmaletter.com
Zentiva as a Public Company
Zentiva traded as BRA: 1SKF401E before it was taken private. Its acquisition was announced in September 2025. December 2017 is its last month on record as a listed company, with a market cap of $659M and an enterprise value of $659M.
Over the 1 year before that, its market cap grew from $471M in December 2016 to $659M.
Zentiva market cap while listed
| As of | Market cap |
|---|---|
| Dec 2017 | $659M |
| Dec 2016 | $471M |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month Zentiva traded.
Acquisitions by Zentiva
Zentiva has acquired 3 companies to date.
Last acquisition by Zentiva was on October 25th 2019. Zentiva acquired Alvogen (CEE operations) for $713M.
Latest Acquisitions by Zentiva
| Description | Alvogen CEE operations is a Central and Eastern European division of the global pharma company, manufacturing and distributing generic, branded, OTC, and biosimilar medicines from facilities in Poland, Czech Republic, and Hungary. The unit produces antibiotics, cardiovascular drugs, and insulins, supplying over 1,000 products to pharmacies and hospitals. Established in 2015, it collaborates with local regulators like Poland's URPL and exports to the Balkans. Alvogen CEE serves major chains including Rossmann and Benu Group, focusing on high-volume generics for diabetes and pain management. | Creo Pharma is a UK wholesaler supplying generic medicines, branded drugs, and hospital packs from warehouses in the Midlands. Serving 5,000 pharmacies and NHS trusts, it handles temperature-controlled logistics for vaccines and biologics. | Solacium Pharma is a pharmaceutical partner supplying solutions to healthcare professionals in Romania. Bucharest-based, it distributes medications and provides patient support programs for chronic conditions. |
| HQ Country | |||
| HQ City | Pine Brook, NJ | Chelmsford | Bucharest |
| Deal Date | 25 Oct 2019 | 1 Apr 2019 | 13 Mar 2019 |
| Valuation | $713M | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Zentiva acquisitions and their M&A valuation multiples. Start Free Trial | |||
Zentiva Competitors
Zentiva competitors include listed companies like Shanghai RAAS, Hanmi Pharm, Beijing Tongrentang and ACADIA Pharmaceuticals, and private ones like Biocon Biologics and Intas Pharmaceuticals.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.1B | $315M | $4.8B | - | ||
| Publicly listed | $1.1B | $234M | $4.8B | 4.0x | ||
| Publicly listed | $2.6B | $447M | $4.7B | 1.9x | ||
| Publicly listed | $1.1B | $119M | $4.7B | 3.2x | ||
| Private | $1.1B | - | $4.5B | 4.2x | ||
| Private | $2B | - | $4.3B | 2.1x |
Zentiva Public Comps
Zentiva is no longer listed, but its public comps include Shanghai RAAS, Hanmi Pharm, Beijing Tongrentang, ACADIA Pharmaceuticals, Wantai BioPharm, GSK India, Sumitomo Pharma, Gland Pharma, Salubris Pharmaceuticals and Ajanta Pharma.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $315M | 4.7x | - | 16.2x | - | |||
| $1.1B | $234M | 4.3x | 4.0x | 20.9x | 15.5x | |||
| $2.6B | $447M | 1.8x | 1.9x | 10.6x | 12.7x | |||
| $1.1B | $119M | 3.6x | 3.2x | 32.3x | 33.6x | |||
| $271M | ($24M) | 15.5x | - | (174.0x) | - | |||
| $397M | $148M | 11.7x | 11.1x | 31.5x | 32.0x | |||
| $2.9B | $690M | 1.8x | 1.6x | 7.4x | 6.2x | |||
| $668M | $179M | 7.0x | 6.5x | 26.2x | 24.9x | |||
This data is available for Pro users. Sign up to see all Zentiva competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Zentiva
| When was Zentiva founded? | Zentiva was founded in 1993. |
| Where is Zentiva headquartered? | Zentiva is headquartered in Prague, Czech Republic. |
| Is Zentiva publicly listed? | No, Zentiva was acquired by GTCR in September 2025. |
| Who acquired Zentiva? | Zentiva was acquired by GTCR in September 2025. |
| How much was Zentiva acquired for? | Zentiva was acquired for $4.8B in September 2025, a 2.5x revenue multiple. |
| Which companies are comparable to Zentiva? | Companies comparable to Zentiva include Shanghai RAAS, Hanmi Pharm, Beijing Tongrentang, ACADIA Pharmaceuticals, Biocon Biologics and Intas Pharmaceuticals. |
| What was Zentiva's market cap before the acquisition? | Zentiva had a market cap of $659M in December 2017, its last month on record as a listed company. |
| How many companies has Zentiva acquired? | Zentiva has acquired 3 companies, including Alvogen (CEE operations), Creo Pharma and Solacium Pharma. |
| What was the largest acquisition by Zentiva? | The $713M acquisition of Alvogen (CEE operations) in October 2019 is the largest acquisition Zentiva has made to date. |
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