Hogan Lovells advises Aztiq on sale of Adalvo to EQT

Press releases | 29 October 2025

London, 29 October 2025 – Global law firm Hogan Lovells has advised Aztiq, an Icelandic private equity firm focused on the life sciences sector, on the sale of its global B2B pharmaceutical business Adalvo to EQT Partners AG and its reinvestment as a minority holder alongside EQT.

The transaction closed on 22 October. Immediately prior to closing, Metric Capital Partners converted its existing debt investment (on which Hogan Lovells also advised Aztiq) into equity in the seller. Existing shareholders, including Aztiq, Metric and management also reinvested a portion of their proceeds in the new EQT equity structure as part of the transaction.

Adalvo is a leading global B2B pharmaceutical company specialising in generic and complex medicines across multiple therapeutic areas. The transaction represents a significant strategic milestone for both Aztiq and Adalvo, and underscores the pivotal role of private capital in accelerating growth and innovation within the life sciences sector. Execution of the transaction required the Hogan Lovells team to collaborate across multiple jurisdictions – including Luxembourg, Malta, Bulgaria, Romania, India, Austria and Sweden as well as coordinating between Aztiq, EQT, management and Metric as transaction stakeholders.

The Hogan Lovells team was led by corporate partners Georgy Kalashnikov, Simon Grimshaw and Hannah Logan with support from associates Taylor Harris, Ilya Skalkov, Nick Cooke, Imogen Thwaites, Ekaterina Nuzhdova, Ben Littlewood, Hope O’Dwyer and Hannah Dingemans.

Commenting on the transaction, Simon Grimshaw, partner at Hogan Lovells, said: “We are proud to have continued our work with Aztiq by supporting them on this landmark transaction. Acting as lead counsel across all workstreams and engaging with each stakeholder group, our team worked seamlessly across jurisdictions and disciplines to deliver a coordinated and successful outcome.”

Hannah Logan, partner at Hogan Lovells, added: “The sale of Adalvo reflects the increasing sophistication of private capital in the life sciences sector and showcases the value of integrated, cross-practice collaboration in achieving our clients’ strategic objectives.”

Additional support was provided by a cross-practice group drawing on the firm’s international depth and sectoral expertise. Partners included Penny Powell (SOAR), Jane Summerfield (Pharmaceuticals), Paul Mullen and Louise Leung (Banking).