Exited 2023+35%revenue a year, 2019 to 2022
Microbiome CDMO, France. €40m capacity expansion, staff from about 150 to 350, a Boston unit. Exited to L-GAM and the French State, 2023.
Cathay Capital · Healthcare & Life Sciences
Bridging Europe, the US and China for healthcare champions.
Dr. Allan BekeVice President · Cathay Capital Private Equity
€6bnassets under management
11offices worldwide
22healthcare investments
14exits
€3–15m EBITDAEurope → US · China
PARIS · HQ
Where it starts.
SHANGHAI · CHINA TEAM
Doors open in China.
01Track record
Companies we have helped scale.
Exited 2023
Exited 2018+25%revenue a year, 2014 to 2018
Liver diagnostics, France. US and China business units set up with a local product line. Exited to Astorg, 2018.
Current investment3bolt-ons in the US and France
Orthopedic CMO, France. Tangible Solutions and Elite Medical (US, 2022), Nowak (France, 2024). Held today.
Exited 2023GMPsite acquired from Merck
Pharmaceutical contract manufacturing, France. Capacity added through the acquisition of a GMP site.
Selected current and former investments. Healthcare figures from the Cathay deck (September 2025) and company releases; company figures are results during our holding. Cathay's role varies by transaction. Past performance is not indicative of future results.
02What we look for
€10–100m revenue · €3–15m EBITDA · Europe-based, with a US or China growth case
- CDMO and CMO
- Medical-device contract manufacturing
- Medtech and consumables
- Diagnostics and clinical labs
- Specialty pharma
- Radiopharma CDMO
- Consumer health
- Animal health
Open to other healthcare and life-sciences businesses with a clear growth plan.
03The team
- Allan BekeParis
Fabien WesseParis · New York · Shanghai
Kejia LiShanghai
Mark WoodsNew York
Clément BillardParis