Bain Capital and Cinven are resuming IPO preparations for German pharmaceutical company Stada Arzneimittel, following a pause in sale discussions with CapVest Partners, according to a report by Bloomberg citing sources familiar with the matter.
The sponsors are said to be targeting a potential listing as early as October, reviving their original exit strategy after negotiations with CapVest and a group of institutional backers stalled.
The deal, which would have valued Stada at approximately €10bn (including debt), reportedly broke down over valuation and bid structure disagreements.
While a public markets exit has long been viewed as the preferred route by Bain and Cinven, sources noted the sale process could still be revived if differences are resolved. All parties declined to comment.
CapVest’s proposed acquisition would have marked one of its largest deals to date. The London-based private equity firm manages approximately €12bn in assets.
Bain and Cinven acquired Stada in 2017 in a €5.3bn take-private, gaining control of one of Europe’s leading independent generics and specialty pharma businesses. Stada’s product portfolio spans consumer health, generics, and specialty therapeutics, with brands such as Grippostad and Hirudoid.
In a June investor update, Stada reaffirmed its 2025 guidance of €930-€990m in adjusted EBITDA on €4.25-€4.4bn in revenue.
