TPG Drops Pharmosan Deal to Pursue Germany's AEP in Strategic Shift
The Platform Group (TPG) has shifted its focus to acquiring a majority stake in AEP, one of Germany's largest pharmaceutical wholesalers. The move comes after TPG abandoned plans to invest in Pharmosan Group, an Austrian firm with strong online pharmacy operations. Analysts suggest the change in strategy may be linked to avoiding conflicts with AEP's existing business partners, including traditional brick-and-mortar pharmacies that often compete with online platforms.
TPG initially aimed to buy a 50% share in Pharmosan Group, the Vienna-based owner of Czech online pharmacy Vamida. The deal would have pushed TPG's pharmaceutical division revenue past €130 million. However, the company officially cited antitrust concerns as the reason for pulling out—though many found this explanation unconvincing.
A more likely motive was to prevent tensions with AEP and its subsidiary Aponow, which serve traditional retail pharmacies. By dropping the Pharmosan deal, TPG cleared the way for its new priority: securing a controlling stake in AEP, a wholesaler generating over €1 billion in annual revenue.
Since TPG's withdrawal in October 2023, Pharmosan Group has maintained steady growth in its dental and veterinary divisions. Despite supply chain challenges, the company has expanded through product innovation and new partnerships in Europe and Asia. By early 2026, it was also preparing for a potential IPO on the Vienna Stock Exchange.
TPG's decision to abandon the Pharmosan acquisition has allowed it to pursue a larger opportunity with AEP. The move avoids potential conflicts with AEP's retail pharmacy clients while positioning TPG for a stronger foothold in Germany's pharmaceutical wholesale market. Pharmosan, meanwhile, continues to grow independently, focusing on organic expansion and possible public listing.
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