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Partners Group Holding AG is nearing a deal to acquire European generic drugmaker Pharmathen SA from BC Partners for around 1.6 billion euros ($1.9 billion), according to people familiar with the matter.

The buyout firms could announce an agreement in the coming days, the people said, asking not to be identified discussing confidential information. Partners Group preempted other private equity and strategic bidders to win the planned auction of the drugmaker, they said.

Founded in 1969 in Athens, Pharmathen develops and manufactures generic drugs that can be administered via tablets, drops and injection. Last year, the company had more than 30 products being lined up for launch, with a focus on the lucrative U.S. market, according to a company video. BC Partners acquired Pharmathen from its founding family for 475 million euros in 2015.

BC Partners is selling the business for around 20 times earnings, double the multiple it paid in 2015, according to people familiar with the matter. BC Partners invested in the business during a year of heightened financial market volatility for Greece. It’s been one of the most lucrative investments from BC’s 9th buyout fund.

Representatives for BC Partners and Partners Group declined to comment.

In June, BC Partners also announced a new fund of more than 1 billion euros to extend its investment in Springer Nature.

Partners Group on Saturday confirmed that it had also agreed to buy a 75% stake in Italian internet provider Eolo. Partners Group’s offer valued Eolo at about 1.2 billion euros including debt, said people familiar with the matter who asked not to be identified because discussions are private.