I have tried this on Debian, but it fails:
echo "--db_host db --db_password $£é5+dd/gcç# --db_name zorgl" | sed -e "s/^.*db_password *\([^ ]+\) +.*$/\1/"
Result (no match):
--db_host db --db_password $£é5+dd/gcç# --db_name zorgl
Expected result:
$£é5+dd/gcç#