DMX Pharma’s €170M Exit: What Alto & Trilantic Learned at Italy’s CDMO Frontier

The transaction marks a clean exit for both Alto Partners and Trilantic Europe, signaling successful execution of their strategic merger and value enhancement plan via the combination of Mipharm and Doppel into Domixtar Pharmaceutical (DMX). Formed in September 2024, DMX benefitted from complementary product portfolios and manufacturing footprints, allowing for improved cost rationalisation and accelerated growth. [8][2]

Financially, DMX is forecasting ~€170 million in revenue in 2025, employs around 900 personnel across four GMP-certified facilities in Italy, and in recent years has secured approvals for five new products, which should contribute to revenue growth. [1][5][10]

The buyer side—Azzurra Capital and The Club Dealers—gains a platform with established clients (including major European/international pharma firms), a broad range of dosage forms (liquid, solid, semi-solid), strong R&D and technical capabilities, and export orientation (>50% of revenues outside Italy). [8][5]

Strategic implications include DMX’s potential to scale internationally (leveraging the buyer’s network and expertise), to further consolidate the fragmented CDMO sector, and to invest in pipeline expansion, regulatory credentials (e.g., USFDA, EMA) and technological innovation. [8][5]

Open questions remain around valuation metrics (price paid not publicly disclosed), margin profiles post-integration, capacity utilisation across the four plants, risks tied to regulatory complexity and supply chain resilience, and the roadmap for bolt-on acquisitions under the new ownership.