KKR has withdrawn from the private equity consortium pursuing a potential acquisition of Gerresheimer AG, a German manufacturer of pharmaceutical packaging and drug delivery systems, according to Bloomberg.

The consortium, which included KKR and Warburg Pincus, had submitted a non-binding offer of approximately €90 per share, valuing the company at nearly €3.1bn ($3.42bn). The figure significantly exceeded Gerresheimer’s current market capitalisation of €2.22bn, based on LSEG data.

Despite KKR’s exit, Warburg Pincus is reportedly continuing efforts to complete a deal independently. Gerresheimer disclosed in February that it had entered early-stage, informal discussions with private equity investors regarding a potential sale. However, no binding agreement has been reached to date.

Both Gerresheimer and Warburg Pincus declined to comment, and KKR did not respond to requests for clarification.

The deal, if revived, would mark a notable transaction in the European healthcare and life sciences space, a sector that remains of high interest to private equity investors amid continued consolidation and innovation in pharmaceutical infrastructure.