Bain Capital and Cinven are moving ahead with plans to list German drugmaker Stada Arzneimittel after talks to sell the company to CapVest Partners broke down, according to a report by Bloomberg.

CapVest, backed by a group of institutional investors, had been negotiating to acquire Stada in a transaction valued at around €10bn including debt. The discussions faltered over differences in valuation and the structure of the bid. 

While there remains a chance negotiations could be revived, Bain and Cinven are now focusing on an IPO, which could take place as early as October and has long been their preferred exit route.

Stada, acquired by Bain and Cinven in 2017 for €5.3bn, is one of Europe’s last independent generics companies. It produces consumer healthcare products, generic drugs, and specialty medicines for rare and chronic conditions. Its brands include Grippostad, used to treat colds and flu, and Hirudoid cream for bruises and hematoma.

In June, Stada reaffirmed its 2025 financial targets, guiding for adjusted EBITDA between €930m and €990m on revenues of €4.25bn to €4.4bn.

An IPO would mark one of the largest European listings of the year and underline private equity’s continued role in shaping the healthcare and pharmaceuticals sector.

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