Advent to invest $175 million in animal health drugmaker Felix Pharma

Private equity firm Advent International is set to invest $175 million in Felix Pharmaceuticals, securing a minority stake in the Dublin-based company that specialises in off-patent medicines for pets.

 

The deal, which includes both primary and secondary transactions, positions Felix to accelerate its global ambitions as a differentiated player in the nascent but expanding companion animal generics space.

 

Founded in 2015, Felix Pharma has built a portfolio of 14 US Food and Drug Administration (USFDA)-approved products and supplies private-label medicines to other brands and distributors, particularly in the US. 

 

The company expects to commission a new injectable facility by the third quarter of 2025, adding to its USFDA-approved oral solid manufacturing plant.

 

“Healthcare has been a long-standing focus for us, and strong parallels we see between success in human Gx globally and emerging opportunity in animal health Gx,” said Shweta Jalan, managing partner, Advent.

 

“Felix is well positioned to lead this space,” said Jalan, adding, “Its rapid growth and high customer satisfaction make it a differentiated platform.”

 

Less than 10 per cent of the companion animal market is currently held by generic players, said Pankaj Patwari, managing director, Advent.

 

Felix was co-founded by Neeraj Agrawal and Shumeet Banerji, along with Jonathan Symonds, who chairs GSK. 

 

The company develops bio-equivalent generics across a wide range of therapeutic categories, including NSAIDs, antibacterials, and antiparasitics, for dogs, cats, and horses.

 

“We were looking for a partner who brings not just capital, but also deep operating expertise and the right mindset and networks to help us grow faster and stronger,” said Agrawal.

 

Felix has offices in Kansas City and Gurugram, alongside its Dublin headquarters, and employs around 500 people globally.