Germany’s Stada Arzneimittel AG said Monday it would support a joint takeover offer by private-equity firms Bain Capital LLC and Cinven Group Ltd. that values the drugmaker at more than $4 billion.
Bain and Cinven are offering 66 euros ($69.90) a share for Stada as well as a dividend of EUR0.72, Stada said. The bid is markedly higher than Cinven’s earlier proposal to pay EUR56 a share.
Stada received two takeover offer after a structured bidding process. The company said its executive and supervisory board decided it was in the best interest of the company to support the offer by Bain and Cinven.
“Bain Capital and Cinven have presented the most financially appealing offer,” said Stada.
The pharmaceutical company said it had signed an investor agreement with Bain and Cinven that has “extensive protection provisions” for employees, production sites and the corporate strategy. Stada’s executive and supervisory boards will review the offer document upon its release, the company said.
“From today’s vantage point, both boards expect to be able to recommend the offer for acceptance to the shareholders,” said Stada.
By Friedrich Geiger
The appointment makes Tuyen Ong the latest in a series of new CEO-partners hired by Flagship. Flagship Pioneering has named Tuyen Ong as CEO-partner. The new role sees the ex-Biogen […]
The COVID-19 pandemic has millennials worried—and that has them planning to buy more prescription drugs in the future, new research finds. WPP’s global media group, Mindshare, began surveying consumers in […]
AstraZeneca has received an investment of approximately $486m from the US Government to develop and supply its long-acting antibody (LAAB) cocktail, AZD7442, for Covid-19 treatment. AstraZeneca has received an investment […]