Healthcare specialist SHS Capital exits AMW, a leading specialty pharma company, and continues partnership by reinvesting with its current fund as part of a syndicate of investors

• SHS Capital exits AMW GmbH, a German-based specialty pharmaceutical company focused on biodegradable controlled-release drug delivery systems
• Since SHS Capital’s initial investment, AMW has developed from an early-stage growth company into an established, highly profitable specialty pharma company, achieving sustained double-digit year-on-year growth, eight-digit operational EBITDA with one of the strongest track records in its field of biodegradable implants
• As part of the exit transaction, SHS Capital reinvests with its current fund as part of a syndicate of healthcare-specialist investors, including Ren Life Sciences, Juno Capital Partners, and the investment vehicle of the company’s Chairman, CEO, management and employees
• The growth strategy focuses on further expanding existing clients and products, entering into new partnerships, product launches and further internationalization, as well as offering its advanced technology platform to partners 

Tübingen / Warngau, 5 March 2026

Healthcare specialist SHS Capital with the other shareholders exits AMW, while SHS Capital is reinvesting with the current fund to continue the successful partnership. AMW is a German specialty pharma company focused on biodegradable controlled-release drug delivery systems. The transaction marks the continuation of a long-standing partnership, during which SHS Capital supported the company from an early-growth stage investment to a highly profitable growing specialty pharma company.

Founded and headquartered in Warngau near Munich, AMW develops and manufactures biodegradable implants for controlled drug release. These small implants are placed under the skin and release a medicine in a controlled manner over several months, reducing the need for frequent injections or daily tablets. This provides patients and partners access to value-added medicines for improved compliance and cost-effective therapies. The company covers the full value chain, including formulation and process development, GMP-compliant manufacturing and international commercialisation. AMW has developed and commercialises two implant-based products, both used in the treatment of prostate cancer. In addition, AMW develops further drugs based on its technology and collaborates with leading pharmaceutical companies worldwide by providing its technology, expertise and services.

Since SHS Capital’s initial investment, AMW has developed into an established, highly profitable specialty pharma company, achieving sustained double-digit year-on-year growth, eight-digit operational EBITDA. Over the years, the company has built scalable development and manufacturing capabilities, expanded its international footprint and established relationships with leading pharmaceutical companies as customers and partners. Following this successful development, SHS Capital and the other shareholders have now realised their investment in the company.

In parallel, SHS Capital reinvests as part of a syndicate of healthcare-specialist investors who share a common vision for the company’s next phase of development. The growth strategy is centred on further penetration and internationalisation of the existing product portfolio, acceleration of AMW’s own development pipeline, and the broader offering of its advanced controlled-release technology and related capabilities to pharmaceutical companies.

“We are delighted to welcome our new partners. Bringing Ren Life Sciences and Juno Capital Partners on board, and continuing our partnership with SHS Capital, is the perfect set-up for securing our long-term growth,” said Philipp Karbach, CEO and shareholder of AMW. “After another year of record sales in 2025, I am excited to partner with their seasoned teams to take even bigger steps towards becoming a global leader in the development, manufacturing and distribution of biodegradable controlled-release drug delivery systems.”

“Ren Life Sciences, Juno Capital Partners and SHS Capital are ideal partners to accelerate AMW’s growth strategy,” said Dr. Martin Zügel, Chairman of the Board and Managing Director of AMW Evolution. “We’re pleased to have secured experienced international growth investors with a strong track record in building global pharma champions – exactly the right partners for AMW’s next chapter.”

Manfred Ulmer-Weber, Managing Partner of SHS Capital, added: “For the first time in our history, we have decided to continue our partnership with a portfolio company beyond a single fund generation. We are pleased to have delivered a successful realisation for our investors while retaining the opportunity to further support AMW in its strong growth. AMW’s development has been impressive, and our reinvestment reflects our strong conviction in the team, the strategy and the company’s future potential. As a syndicate of healthcare investors, we believe we have found an ideal set-up to support AMW’s next phase of growth.”

About AMW GmbH

AMW GmbH is a specialty pharmaceutical company focused on biodegradable implants, providing patients and partners access to value-added medicines for improved adherence and cost-effective therapies. The Company covers the entire value chain, from (co-)development to manufacturing and international commercialization. AMW GmbH has two approved pharmaceutical products: implants releasing goserelin or leuprorelin respectively, which are distributed worldwide via direct sales and out-licensing. In Germany, leuprorelin is marketed as Leugon® by AMW’s fully owned subsidiary Endomedica GmbH. Based on its unparalleled expertise in formulation development, the Company collaborates with pharma and biotech partners worldwide to develop and manufacture high-quality products and life-cycle solutions. AMW GmbH is based in Warngau near Munich, Germany.

About SHS Capital

SHS Capital is a private equity provider founded in 1993 that invests in healthcare companies in Europe. The focus of the investments is on expansion financing, shareholder changes and succession situations. "Building European Healthcare Champions" is the investment philosophy according to which SHS finances and develops portfolio companies. The Tübingen-based investor takes both minority and majority stakes. The national and international investors in SHS funds include pension funds, funds of funds, foundations, family offices, strategic investors, entrepreneurs and the SHS management team. The equity or equity-like investment of the AIF is up to € 50 million. Volumes in excess of this can be realised with a network of co-investors. In its investment decisions, SHS attaches great importance to the consideration of ESG aspects and has therefore committed itself to the guidelines of the UN PRI. SHS is currently investing from its sixth fund, which was launched in 2022 and has a volume of ca. € 270 million.

More information at: www.shs-capital.eu

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PR contact:
Regine Hujer
SHS Gesellschaft für Beteiligungsmanagement mbH
Bismarckstrasse 12
72072 Tuebingen
tuebingen@shs-capital.eu