Larka is pleased to announce it performed the Commercial Due Diligence for Afinum Management — supporting its acquisition of ProJect Pharmaceutics, a leading formulation development specialist for ADC, biologics and complex small molecules.

Afinum Management, a leading independent private equity firm focused on primary situations within the DACH region, has acquired a majority stake in ProJect Pharmaceutics GmbH, marking the eleventh and final platform investment of its Afinum 9 fund. The investment underlines Afinum’s commitment to backing outstanding founder-led businesses in the healthcare and life sciences sector.

Together with the founders Dr. Andreas Schütz and Mr. Hellerbrand, who remain significant co-investors, Afinum will help accelerate ProJect Pharmaceutics’ growth.

Founded in 2010 and based in Planegg near Munich, ProJect Pharmaceutics is a highly differentiated and leading formulation development partner in the biopharma services market. The company combines scientific excellence, unique technology, and proprietary know-how in biologics and advanced modalities such as antibody-drug conjugates (ADCs), serving both global pharma and emerging biotech.

Looking ahead, ProJect Pharmaceutics is well positioned to benefit from favourable market dynamics and to capture growth opportunities through international expansion, new service offerings, and strategic acquisitions — further strengthening its position along the value chain.

How We Supported Afinum Management

Acting as the Buy-Side Commercial Due Diligence advisor, Larka provided Afinum with key insights and recommendations, aiding in the acquisition of ProJect Pharmaceutics.

This transaction marks another chapter in our long-standing collaboration with Afinum, and we are proud to have contributed to its success. Backed by Afinum and its deep industry expertise, we are confident that ProJect is well positioned to strengthen its role as a leading partner in biologics formulation development.

Pierre-Anthony Brioir | Partner at Larka

This Commercial Due Diligence process leveraged our M&A team’s extensive biopharmaceutical industry knowledge — in this case, the ADC formulation development CRO market — to provide Afinum with a comprehensive picture of ProJect Pharmaceutics’:

• Core value proposition within the ADC formulation development CRO market
• ADC formulation development CRO market dynamics and market sizing
• Right to win:
• Competitive positioning
• Customer environment & market feedback
• Ability to gain market share
• Operational scalability
• Growth avenues

About Larka

Larka is a global management consulting firm dedicated to the life sciences sector. We are the trusted advisor to leading organizations across the ecosystem — from biotech and MedTech innovators to big pharma, private equity, contract services and suppliers. For 30+ years, we have helped clients make better strategic, financial, and operational decisions — a commitment sustained by combining deep industry experience, proprietary data and a global expert network. From our offices in Nice and Boston, we address the industry’s most complex challenges with capabilities covering all drug modalities, therapeutic areas, and full value & supply chain.