Permira has formally kicked off the sale of Neuraxpharm, setting up one of Europe’s largest healthcare buyouts of the year as lenders prepare to underwrite up to €1.5bn, or roughly $1.8bn, of acquisition financing, according to a Bloomberg report.

Non-binding offers for the German pharmaceutical group are due by 5 February. Permira is seeking proceeds of around €3bn to €4bn from the sale. Jefferies and JPMorgan are advising on the process.

Banks and private credit firms are competing to provide financing packages ranging from about €1bn to €1.5bn. That would represent roughly 5.5x to 8x Neuraxpharm’s Ebitda, which stood at about €170m to €200m last year.

Earnings are expected to rise to around €230m in 2026, supported by Briumvi, a monoclonal antibody approved in the US and European Union for adults with relapsing forms of multiple sclerosis.

The debt is expected to be structured primarily as senior leveraged loans, with the potential inclusion of junior debt. The competition among lenders reflects renewed confidence in leveraged finance markets after a rebound in M&A activity in the second half of 2025.

Permira has owned Neuraxpharm since 2020 and has been evaluating exit options since last year. 

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