DELCADE advises Geistlich Pharma AG on taking control of OST Développement

The European regenerative medicine market continues to consolidate. On 24 April 2026, the Swiss group Geistlich Pharma AG completed the acquisition of a majority stake in OST Développement, a French specialist in bone regeneration. DELCADE acted as legal counsel to the acquirer, extending a collaboration that began back in 2024.

A two-stage M&A move

The transaction completes a strategy launched two years earlier. In 2024, Geistlich Pharma AG acquired a minority stake in OST Développement, already with DELCADE’s support. Moving to a majority stake in 2026 confirms the Swiss group’s long-term commitment and reflects its ambition to establish a lasting position in the European allograft market.

For DELCADE, this continuity reflects a relationship built on trust over time and a recognised standing alongside executives and investors in external growth and capital structure transactions.

Two leading life sciences players

Geistlich Pharma AG is a Swiss family-owned company founded in 1851, present in more than 90 countries and the world leader in regenerative dentistry and cartilage regeneration. With this acquisition, the group establishes itself as a key player in the European allograft market and expands its portfolio in orthopaedics and sports medicine.

OST Développement, founded in 1993, is a human tissue bank specialising in bone regeneration. The group is recognised for its OSTEOPURE™ process and its allogeneic products marketed in dentistry under the Allodyn® brand. Orthopaedics accounts for approximately 70% of its activity, with indications covering knee, shoulder, hip and spine surgery.

The DELCADE team

The DELCADE team included:

• Maïté Lavrilleux-Carboni, avocate associée, leading Corporate / M&A aspects;
• Brice Wartel, avocat associé, on employment law aspects.

Other advisors

• Sellers’ legal counsel: Adenot Andrieux (Dominique Adenot, Ubiratan Chèze); Periclés (Lisa Velut, Hadjer Rouabah).

This transaction confirms DELCADE’s expertise in advising international players in the life sciences and medical devices sectors on their consolidation strategies in the French and European markets.