Stada says no larger deals on cards over next 2-3 years
FRANKFURT (Reuters) - Stada's (STAGn.DE) chief executive said he was in agreement with the German generic drugmaker's new private-equity owners that larger acquisitions would not be on the cards for Stada over the next two to three years.
"Bain and Cinven say that they will firstly focus on the basis of the company, the European generics and branded products business, to make it stronger and more efficient," Chief Executive Engelbert Coster Tjeenk Willink told journalists during a media call on Monday.
"Larger takeovers would be something to consider in two to three years' time," he said, adding that he had the same strategic outlook as Bain and Cinven.
When asked about any interest in Sanofi's (SASY.PA) European generics business, which the French drugmaker will put up for sale later this year, Willink said he would not rule out or confirm any targets in detail because strategic discussions with the new owners were at an early stage.
Bain and Cinven last week won control of Stada with a sweetened 5.3 billion euro ($6.2 billion) bid for the generic drugmaker, in the largest takeover of a listed German company by buyout firms.
Sources have said that the buyout groups would look to fund deals to strengthen Stada.