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Shanghai Pharma confirms interest in Stada, says no official offer
May 17, 2017 / 3:32 AM / 3 months ago

Shanghai Pharma confirms interest in Stada, says no official offer

SHANGHAI, May 17 (Reuters) - Chinese drugmaker Shanghai Pharmaceutical Holding Co Ltd said on Wednesday it was interested in a possible deal for Germany's Stada Arzneimittel AG, though it had not made any official offer.

German drug firm Stada, the target of a takeover bid from buyout firms Bain and Cinven that valued it at about 5.3 billion euros ($5.89 billion), said on Tuesday it had not been notified of any rival offer, following a Bloomberg report saying Shanghai Pharma was discussing a potential higher bid of about 70 euros a share along with investor Advent International.

"The Company had recently discussed about the possibilities of project Stada with a couple of financial investors," Shanghai Pharma said in a filing to the Hong Kong bourse, in its first public confirmation of an interest in Stada.

It added that there was still "a lot of uncertainties" as to any cooperation.

"As at the date of this announcement, the Company has not sent any official offer," Shanghai Pharma said.

Reuters reported on Monday, citing sources, that Stada had not been approached by Advent or Shanghai Pharma with a counter offer.

Bain and Cinven's offer in April of 65.28 euros per share and a dividend of 0.72 euros per Stada share had seemed to end the contest to acquire the generic drug maker.

Shanghai Pharma added the reported offer price was far-fetched. "The bidding price of 70 euro per share that the media mentioned is inconsistent with the reality," it said. ($1 = 0.8998 euros) (Reporting by Adam Jourdan; Editing by Muralikumar Anantharaman)

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