Diorama Investments and PharOS announce a strategic transaction in which Armira and Viessmann Generations Group have acquired a minority stake in PharOS.

Founded in 2002 and headquartered in Athens, PharOS has become an international leader in the pharmaceutical industry, with over 470 clients across 115 countries. The company has successfully launched more than 54 products and currently manages over 9,200 marketing authorizations worldwide. Its diverse portfolio includes over 100 developed and in-development products, covering areas such as generics, oncology, central nervous system, cardiometabolic, and pain therapeutics. Pharos is a leading B2B developer of generics and value-added medicines and one of the few independent European CDMOs.

Armira, with a strong focus on the pharmaceutical and life sciences sectors, aims to accelerate PharOS’ growth and advance its strategic vision on a global scale through this transaction.

This new partnership reflects a shared commitment for Armira and Viessmann to fostering PharOS’ continued growth, building on its strong foundation, supporting its strategic objectives and advancing innovation in the global healthcare industry.

The Founders and majority owners of Pharos, Stella Koukaki, Theodore Panagopoulos, and Panagiotis Panagopoulos – will retain the majority control of the Company and remain fully committed to the company’s strategic vision. Following an international sale process, Diorama Investments – a private equity fund managed by DECA Investments -, a shareholder in PharOS since 2019 and a key supporter of its growth over the past five years, will be exiting the company highlighting its successful track record on mid-market transactions in Greece.

Morgan Stanley served as the exclusive financial advisor, while Latham & Watkins acted as the legal advisor to PharOS and Diorama Investments for this transaction.

About DECA Investments

DECA Investments is Alternative Investment Fund Manager, managing EUR 348mn of assets and licensed by the Hellenic Capital Market Commission. By managing the investments of Diorama Investments SICAR S.A. (“Diorama Investments”) and Diorama Investments II RAIF S.C.A., the goal is to generate attractive returns for investors while also creating value for other stakeholders involved with the companies in the funds’ portfolios. DECA Investments focuses on mid-market companies in which a combination of their management quality, sector dynamics, and fundamentals indicate that the expected risk-adjusted return will be attractive. These are companies with a proven track record, strong export potential or import substitution capability, and the potential to grow profitably. DECA Investments actively supports its portfolio companies by adding value, promoting good governance, and improving operational efficiency.

About Armira

Armira is a leading investment holding focusing on direct equity investments in medium-sized, profitable family businesses and ambitious

growth companies in DACH, Northern Italy and beyond. Armira is backed by an exclusive investor base of families, entrepreneurs, and

entrepreneurial capital for trusted partnerships with a long-term horizon.

About Viessmann Generations Group

Founded in 1917, the independent family company Viessmann is today a global, broadly diversified Group. All activities are based on the

company’s purpose “We co-create living spaces for generations to come”. This is the passion and responsibility that the large worldwide

Viessmann family brings to life every day. Viessmann forms an ecosystem of entrepreneurs and co-creators with a clear focus on CO2

avoidance, CO2 reduction and CO2 capturing.