May 30, 2012 / 10:03 AM / in 5 years

Stada says to pursue more deals given consolidation

FRANKFURT, May 30 (Reuters) - German generic drugmaker Stada said that it needs to pursue takeover opportunities in the face of rivals’ deal activity.

Consolidation in the pharmaceutical and generics industry was set to continue, Chief Executive Hartmut Retzlaff told shareholders at the group’s annual general meeting.

“We, too, want to and have to complement organic growth through acquisitions.”

Swiss drugmaker Novartis this month agreed to buy generic dermatology products maker Fougera for $1.53 billion, a week after Watson snatched up rival generic drugmaker Actavis Group for $5.6 billion.

Retzlaff also said that the Stada’s initial goal to cut 800 jobs by 2013 would be reached this year.

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