Pharmaceuticals - Drug manufacturer Stada has spun off its Russian business
The Hessian pharmaceutical company Stada has spun off its Russian business. "The owners of Stada have recently decided to spin off the Russian business of Stada AG and transfer it to a separate company, which will operate independently and autonomously under the name Nizhpharm," the company announced in response to an inquiry. There were no further details on the reorganization, which was previously reported by "Welt am Sonntag".
Six years after the takeover by financial investors Bain Capital and Cinven in 2017, there was already speculation in the summer about a billion-euro sale of the pharmaceutical group. In the event of a deal, Stada, known for products such as Grippostad and Ladival, could be valued at ten billion euros or more, it was said at the time. In August, Stada CEO Peter Goldschmidt told Deutsche Presse-Agentur that the owners were in an orientation phase in which initial exploratory talks were taking place.
However, Stada's Russian business, which recently contributed around 15 percent to sales, was seen as one of the hurdles to a sale. A purchase of Stada including its Russian activities was hardly considered justifiable, at least for interested parties from Europe or the USA. There had therefore been speculation about a spin-off for some time. Stada had not withdrawn from Russia despite the war in Ukraine and always referred to the medical care of the local population.
The spin-off of the Russian business could be an anticipation of a possible sale or IPO of Stada, which is expected in 2024,"Welt am Sonntag" further reported. The spin-off of the Russian business had already been completed by the end of the third quarter. This means that the Stada owners now have all options for a possible sale.
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Source: www.stern.de
