Sector News

Stada starts talks with bidders Advent, Cinven

February 14, 2017
Life sciences

Stada Arzneimittel AG Monday said it has begun talks with Cinven Partners LLP and Advent International Corporation, two separate bidders interested in acquiring up to 100% of the German pharmaceutical company.

The company said it received expressions of interest from both Cinven and Advent International and has initiated talks to allow them to discuss strategies and a potential offer price.

Stada said late Sunday it was weighing an approach from Cinven that valued its stock at 3.5 billion euros ($3.7 billion), as well as an approach from a second potential bidder that it didn’t name at the time. The Cinven offer had an indicative price of EUR56 per share, Stada said.

Shares surged 14% higher at the start of trading Monday on the news.

“Both legally non-binding expressions of interest (from the companies), which the Executive Board considered for some time, could offer in different ways attractive opportunities in the interest of the company,” Stada said.

Stada, which makes the cold treatment Grippostad, has been long been considered a possible takeover target for bigger rivals and private-equity firms. It had revenue of EUR2.12 billion in 2015.

By Sarah Sloat

Source: MarketWatch

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