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

Zentiva Overview

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

Czech RepublicPrague

Status

Acquired

Customer focus

B2B

Revenue model

Product sales

Revenue

$1.9B (Sep 2025)

Valuation

$4.8B (acquired Sep 2025)

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.

Zentiva acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
  • GTCR
11 Sep 2025PE buyout$4.8B2.5x10.0x

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

Zentiva financials and trading multiples by year while listed
As ofMarket 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

Alvogen (CEE operations)
Creo Pharma
Solacium Pharma
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 CountryUnited StatesUnited KingdomRomania
HQ City
Pine Brook, NJ
Chelmsford
Bucharest
Deal Date25 Oct 20191 Apr 201913 Mar 2019
Valuation$713Mundisclosedundisclosed
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.

Public and private companies comparable to Zentiva
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Shanghai RAASChinaChinaPublicly listed$1.1B$315M$4.8B-
Hanmi PharmSouth KoreaSouth KoreaPublicly listed$1.1B$234M$4.8B4.0x
Beijing TongrentangChinaChinaPublicly listed$2.6B$447M$4.7B1.9x
ACADIA PharmaceuticalsUnited StatesUnited StatesPublicly listed$1.1B$119M$4.7B3.2x
Biocon BiologicsIndiaBangalorePrivate$1.1B-$4.5B4.2x
Intas PharmaceuticalsIndiaAhmedabadPrivate$2B-$4.3B2.1x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Shanghai RAAS$1.1B$315M4.7x-16.2x-
Hanmi Pharm$1.1B$234M4.3x4.0x20.9x15.5x
Beijing Tongrentang$2.6B$447M1.8x1.9x10.6x12.7x
ACADIA Pharmaceuticals$1.1B$119M3.6x3.2x32.3x33.6x
Wantai BioPharm$271M($24M)15.5x-(174.0x)-
GSK India$397M$148M11.7x11.1x31.5x32.0x
Sumitomo Pharma$2.9B$690M1.8x1.6x7.4x6.2x
Gland Pharma$668M$179M7.0x6.5x26.2x24.9x

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.

See companies similar to Zentiva

Start Your
Free Trial Today

Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.

Start Trial