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Shanghai Pharma says may submit rival bid for Germany's Stada

Reuters  |  SHANGHAI 

By Adam Jourdan

(Reuters) - Pharmaceutical Holding Co Ltd said it may bid for Arzneimittel AG - move that would pit it against buyout firms Bain and Cinven which have made joint offer of nearly $6 billion for the German generics drugmaker.

The Chinese drugmaker said in filing that it had recently discussed the matter with 'couple of financial investors' but added that it had not made concrete offer and there were still many uncertainties.

Bloomberg reported this week that Pharma, along with investor Advent International, was discussing bid of about 70 euros share, which would top Bain and Cinven's offer in April of 65.28 euros per share and dividend of 0.72 euros per share.

But Pharma, which has market value of around 63 billion yuan ($9.2 billion), said the reported offer price was "inconsistent with reality".

said on Tuesday it had not been notified of any rival offer.

Bain and Cinven's 5.3 billion euro offer had beat rival consortium of Advent and Permira, and had carried premium of 49 percent over Stada's Dec. 9 share price, before the first report of takeover approach.

said in March it was in early-stage contact with several U.S. and European drug firms.

Founded in 1895 in Dresden as pharmacists' cooperative, Stada's generic drug business has come under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices.

($1 = 0.8998 euros)

($1 = 6.8871 Chinese yuan)

(Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman and Edwina Gibbs)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Shanghai Pharma says may submit rival bid for Germany's Stada

SHANGHAI (Reuters) - Shanghai Pharmaceutical Holding Co Ltd said it may bid for Stada Arzneimittel AG - a move that would pit it against buyout firms Bain and Cinven which have made a joint offer of nearly $6 billion for the German generics drugmaker.

By Adam Jourdan

(Reuters) - Pharmaceutical Holding Co Ltd said it may bid for Arzneimittel AG - move that would pit it against buyout firms Bain and Cinven which have made joint offer of nearly $6 billion for the German generics drugmaker.

The Chinese drugmaker said in filing that it had recently discussed the matter with 'couple of financial investors' but added that it had not made concrete offer and there were still many uncertainties.

Bloomberg reported this week that Pharma, along with investor Advent International, was discussing bid of about 70 euros share, which would top Bain and Cinven's offer in April of 65.28 euros per share and dividend of 0.72 euros per share.

But Pharma, which has market value of around 63 billion yuan ($9.2 billion), said the reported offer price was "inconsistent with reality".

said on Tuesday it had not been notified of any rival offer.

Bain and Cinven's 5.3 billion euro offer had beat rival consortium of Advent and Permira, and had carried premium of 49 percent over Stada's Dec. 9 share price, before the first report of takeover approach.

said in March it was in early-stage contact with several U.S. and European drug firms.

Founded in 1895 in Dresden as pharmacists' cooperative, Stada's generic drug business has come under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices.

($1 = 0.8998 euros)

($1 = 6.8871 Chinese yuan)

(Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman and Edwina Gibbs)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Shanghai Pharma says may submit rival bid for Germany's Stada

By Adam Jourdan

(Reuters) - Pharmaceutical Holding Co Ltd said it may bid for Arzneimittel AG - move that would pit it against buyout firms Bain and Cinven which have made joint offer of nearly $6 billion for the German generics drugmaker.

The Chinese drugmaker said in filing that it had recently discussed the matter with 'couple of financial investors' but added that it had not made concrete offer and there were still many uncertainties.

Bloomberg reported this week that Pharma, along with investor Advent International, was discussing bid of about 70 euros share, which would top Bain and Cinven's offer in April of 65.28 euros per share and dividend of 0.72 euros per share.

But Pharma, which has market value of around 63 billion yuan ($9.2 billion), said the reported offer price was "inconsistent with reality".

said on Tuesday it had not been notified of any rival offer.

Bain and Cinven's 5.3 billion euro offer had beat rival consortium of Advent and Permira, and had carried premium of 49 percent over Stada's Dec. 9 share price, before the first report of takeover approach.

said in March it was in early-stage contact with several U.S. and European drug firms.

Founded in 1895 in Dresden as pharmacists' cooperative, Stada's generic drug business has come under price pressure as medical insurers in Germany, its largest market, are seeking bulk procurement deals at low prices.

($1 = 0.8998 euros)

($1 = 6.8871 Chinese yuan)

(Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman and Edwina Gibbs)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22