CapVest Partners is in advanced discussions to acquire a majority stake in German pharmaceutical firm Stada Arzneimittel, in a potential transaction that could value the business at approximately €10bn ($11.7bn), including debt, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as revealing that the London-based private equity firm is negotiating with Stada’s current owners, Bain Capital and Cinven, who have held the business since acquiring it for €5.3bn in 2017. The discussions come as Stada concurrently explores a possible IPO, with both options remaining on the table, the sources said.
CapVest, which manages around €12bn in assets, has reportedly secured the backing of large institutional investors to support the potential acquisition. While Bain and Cinven may retain minority interests in the company post-transaction, no final agreement has been reached.
Stada recently refinanced its debt with a portability clause, allowing for a change of ownership without requiring new financing – a move seen as facilitating a private sale. Despite current negotiations, some Bloomberg sources suggest that an IPO remains the preferred option for the business.
If completed, the deal would rank among the largest private equity transactions of 2025, highlighting renewed momentum in the buyout space amid pressure on GPs to deploy capital and generate returns for LPs.
Stada, based in Bad Vilbel, manufactures generic and specialty medicines, as well as over-the-counter healthcare products. Its portfolio includes well-known brands such as Grippostad and Hirudoid.
CapVest has a strong track record in healthcare and essential consumer sectors, with recent investments including nuclear imaging group Curium and pharmaceutical services firm NextPharma.
