News Article

Global investment group EQT  signed a definitive agreement to acquire a majority stake in global B2B pharmaceutical company Adalvo through its EQT X fund on Friday, July 18, with closing expected in H2 2025 , representing a strategic entry into the rapidly growing B2B pharmaceutical dossier development sector. 

Key Takeaways

• The deal features a traditional rollover structure where existing shareholders including Aztiq will reinvest and remain minority shareholders 

• Adalvo operates a highly scalable asset-light model with 280+ employees across 15 offices serving 170+ companies in 140+ countries , offering significant operational leverage and geographic expansion potential. 

• Upon completion, EQT X fund will be 55-60% invested including all closed and signed investments , indicating strong capital deployment progress and suggesting the fund is advancing well through its investment period. 

• The transaction aligns with broader PE healthcare consolidation trends targeting specialised service providers rather than direct manufacturers, signalling sustained private equity appetite for defensive healthcare services companies with global reach. 

• The deal timing reflects a selective PE environment focused on proven platforms with clear scaling potential , highlighting opportunities in pharmaceutical infrastructure plays that benefit from patent cliff dynamics and increasing generic penetration. 

• EQT’s planned investments in R&D, supply chain optimization, and operational scaling demonstrate the typical operational value-creation playbook , leveraging their thematic consistency in B2B healthcare intermediaries to accelerate growth.