Advent International, the global private equity firm, has backed the €375m ($346m) leveraged buy-out of Viatris, the German pharmaceuticals business, marking the firm's fifth investment from its €2bn fourth fund.

Viatris was put up for sale two years ago by its parent company Degussa as part of the disposal of Asta Medica. At the time, Advent was only interested in parts of the Asta Medica business rather than all of it. Degussa then restructured its portfolio of businesses, and Viatris emerged as a target for Advent.