Stronger Communities


Case Study
Sector: Healthcare
Region: Europe
Acquisition Date: 8/10/2022

Empowering women with access to better healthcare products and treatments

Theramex is a global specialty pharmaceutical company committed to supporting women’s health needs through every stage of life. The company’s portfolio of healthcare products and treatments addresses contraception, fertility, menopause, and osteoporosis, and plans to expand into uterine health in the near-term. Theramex sells about 50 products, serving more than six million patients in 57 countries worldwide.1

Conditions such as menopause and osteoporosis—a disease that develops when bone mass and mineral density decrease—can have a significant impact on women’s everyday lives. Yet the traditional healthcare system underserves and undertreats both conditions. About 73% of women across the five largest countries in the EU who suffer from menopause symptoms receive no treatment2; and roughly the same percentage of women receive no treatment for osteoporosis3. Undiagnosed or undertreated health issues can have knock-on effects on other dimensions of women’s lives, such as reducing economic empowerment and exacerbating inequality, with 63% of menopausal women saying the symptoms have negatively affected their careers4. Theramex has set out to provide treatment options and raise awareness about these issues by supporting women with the right solutions at the right time. 

To help accelerate Theramex’s work, the Carlyle Capital Markets and ESG teams alongside co-investor PAI partnered with the company to negotiate an ESG-linked financing facility that ties the cost of capital to increased access for more than one million undertreated women suffering from menopause symptoms. The core focus of Theramex’s business—empowering women—extends to their own organization as well, as women comprise more than 50% of Theramex’s workforce5. Theramex is also working to improve the ESG governance of the company and is working closely with the Carlyle ESG team to build a dedicated sustainability function to drive Theramex’s ESG strategy.

“With Theramex, we invested in a business that addresses significant unmet medical needs and helps women around the world live better lives. We are excited about the partnership with Carlyle, PAI, and Theramex to advance Theramex's ESG program as part of our value creation plan in support of better care for women.” 

- Lubna Qunash, a Managing Director on Carlyle’s Europe Buyout team  

All data has been provided directly by the relevant portfolio company and has not been verified by Carlyle or any third party. References to a particular portfolio company should not be considered a recommendation of any particular security, investment, or portfolio company. The information provided about the portfolio company is intended to be illustrative, and is not intended to be used as an indication of the current or future performance of this or any of Carlyle’s portfolio companies. ESG goals, targets and commitments are not binding on investment decisions and/or Carlyle’s management of investments (unless otherwise specified, where applicable, in fund documentation or regulatory disclosures) and any reference herein to environmental, social or governance considerations is not intended to qualify our duty to maximize risk adjusted returns. There is no guarantee that any ESG target or related projection will be met, that any ESG activities will be implemented to the same degree for other Carlyle investments or that they will create a positive ESG or financial impact. Descriptions of any ESG or impact achievements or improved practices or outcomes are not necessarily intended to indicate that Carlyle has substantially contributed to such achievements, practices, or outcomes. For instance, Carlyle’s ESG efforts may have been one of many factors—including such other factors as engagement by portfolio company management, advisors, and other third parties— contributing to the success described in each of the selected case studies. The information provided in these case studies is for informational purposes only and may not be relied on in any manner as advice or as an offer to sell or a solicitation of an offer to buy interests in any fund or other product sponsored or managed by Carlyle or its affiliates.

1 Source: Theramex.
2 Source: BUPA, Chartered Institute for Personnel and Development.
3 Source: BUPA, Chartered Institute for Personnel and Development.
5 Source: Theramex.