Neuraxpharm agrees on the divestment of inhalation API specialist Inke to Keensight Capital

Press release


Press Release | Version in English
Nota de Prensa | Versión en Español

Neuraxpharm agrees on the divestment of inhalation API specialist Inke to Keensight Capital

Share on twitter
Share on linkedin
Share on facebook

Transaction enables Neuraxpharm to further focus on its core CNS therapeutic area and for Inke to accelerate its development as an independent entity


Neuraxpharm Group (“Neuraxpharm”), the leading European specialty pharmaceutical company focused on the treatment of central nervous system (CNS) disorders, announced today that it has signed a binding agreement to divest Inke, a specialized inhalation active pharmaceutical ingredients (APIs) developer and manufacturer, to Keensight Capital (“Keensight”), a leading private equity manager dedicated to pan-European Growth Buyout[1] investments.

Established in 1980 and based in Castellbisbal, near Barcelona (Spain), Inke is the partner of choice for inhalation APIs. The company combines over 20 years of in-house experience in micronization and particle engineering with complex synthesis processes and high regulatory expertise. It has established preferential relationships with major pharmaceutical companies worldwide, including in key markets such as the US and the EU, as well as the highly regulated Japanese market.

Neuraxpharm’s decision to divest Inke allows the Group to sharpen its focus on becoming a leader in its core business of CNS disorders as it solidifies its position in Europe and continues to expand its global footprint.

Keensight Capital will support Inke’s team, led by Miquel Bachs, in its next phase of growth. Keensight will support Inke notably by helping to expand its footprint, broaden its offering, grow its product portfolio and attract complementary professionals. Keensight expects to be able to leverage its extensive knowledge, expertise and network in the pharmaceutical industry, in order to achieve these goals.

Dr. Jörg-Thomas Dierks, CEO of Neuraxpharm, added: “This transaction is beneficial for all parties. Inke, its customers and employees will benefit from Keensight Capital’s expertise and investment track record in the healthcare sector. The new owner gets a highly differentiated specialist with a focus on micronized APIs for inhalation drugs, a high-growth segment of the market with strong entry barriers, while at Neuraxpharm we can continue to execute on our strategy of further solidifying our leading European market positioning in treating CNS disorders. We wish the whole Inke team all the best for this exciting new chapter of their success story.”

Miquel Bachs, General Manager of Inke, said: “As we begin our journey with Keensight Capital we would like to thank the team at Neuraxpharm for their support throughout our successful relationship. We are excited and optimistic about the next growth phase for Inke as we make continued progress in the inhalation API sector.”

Amit Karna, Partner at Keensight Capital, stated: “Inke’s positioning as a specialist in micronized APIs perfectly fits our strategy of investing in highly profitable, fast-growing leaders in niche segments.” and Javier López Moras, Partner at Keensight Capital, added: “We look forward to partnering with Miquel and Inke management in helping the company reach its full potential as an independent entity.”


Financial details of the transaction, which will close in May 2023, have not been disclosed.

Neuraxpharm and Permira were advised by Jefferies (M&A) and Clifford Chance (legal).

Keensight was advised by Rothschild & Co (M&A), Garrigues and Paul Hastings (legal), Bain & Company (commercial and strategic) and Alvarez & Marsal (financial).



[1] Growth Buyout: investment in profitable, private companies experiencing strong growth, in minority or majority positions, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs, in order to finance organic growth projects, acquisition strategies or provide historic shareholders with liquidity.