Press review

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Bain and Cinven make new offer to Stada shareholders

Country : Germany, Canada

Keywords :
BERLIN, Dec 22 (APM) - Private equity owners of generics drugmaker Stada, Bain capital and Cinven, have made a new offer to remaining external shareholders to buy their stakes at 74.40 euros, reported Frankfurter Allgemeine Zeitung (FAZ) on Wednesday (p22) and Thursday (p24) and Die Welt on Thursday (p13).
Bain and Cinven, which currently hold 64.5% of Stada, want to raise this to 75% before the extraordinary shareholders' meeting scheduled on February 2. They need this stake to get a domination and profit and loss transfer agreement approved and tap into Stada's cash flow.
This is the same price that investor Paul Singer and his hedge fund Elliott had asked for when Bain and Cinven were taking control of Stada by offering 66.25 euros per share last summer.
However, Stada's share price has been higher than 80 euros for months.

G-BA puts cancer drugs under greater scrutiny

Germany's health technology assessment body G-BA will put new cancer drugs under greater scrutiny in the future, reported Sueddeutsche Zeitung (SZ) on Monday (p5) (APMHE 56136).
New cancer drugs bring patients only a few months longer survival but often have severe side effects and are very expensive, said G-BA chair Josef Hecken.
The umbrella payer group also called on politicians to close gaps in the evaluation of the added value.

Boehringer's CFO leaves company

Boehringer Ingelheim's chief financial officer Simone Menne has resigned over a conflict with chief executive officer Hubertus von Baumbach about plans for a flotation, reported FAZ on Saturday (p21) (APMHE 56074).
Menne apparently had "lofty plans" for Boehringer but Baumbach had a "fundamentally different view" on this point.
Her successor, Michael Schmelmer, former head of the company’s global IT organisation, is likely to focus even more strongly on progressing digitisation, as well as over the use of big data and artificial intelligence, FAZ said.

Infectopharma withdraws penincillin G because of price moratorium

Infectopharm will withdraw antibiotic penicillin G from Germany because of the low price offered by the health insurance, said managing director Markus Rudolph to FAZ on Saturday (p43).
It is no longer economically viable to sell penicillin G for outpatient use in Germany because of the prohibition on price increases for medicines in force since 2010.
Infectopharm considers itself to be severely disadvantaged by this government regulation and has therefore lodged a constitutional complaint (APMHE 55931).

31 new drugs launched in Germany in 2017

The research-based pharmaceutical companies launched a total of 31 drugs with new active ingredients in 2017, according to pharma lobby vfa's review, reported FAZ on Tuesday (p21).
Eleven drugs, among them immunotherapies, were launched in various cancers, 10 against inflammatory diseases, two for hepatitis C and a new antibiotic against the particularly risky, multi-resistant pathogens.

Strike in Israel following Teva announcement

Israel's national trade union Histadrut on Sunday held a nationwide strike in protest at generic drugmaker Teva's decision to lay off a quarter of its workforce, FAZ reported on Monday (p19) (APMHE 56099).
The world's largest generics drugmaker announced it will cut its global workforce by more than a quarter, or 14,000 jobs, including 1,700 in Israel where it will also close a manufacturing site.

Canada mourns Apotex's founder

Generic drugmaker Apotex's chairman, Barry Shermann, who died with his wife in unclear circumstances, was a model for the Canadian pharmaceutical industry, it was reported in Handeslblatt on Thursday (p45) (APMHE 56095).
Sherman, who founded Apotex in 1974, had earned a fortune with generics and he was one of the richest men in the country.
Competitors admired Sherman's ability to recognize developments at an early stage. Sherman and his team had often been the first to enter a new market, said Barry Fishman, former head of Teva Canada. Morris Goodman, founder of Montreal-based Pharmascience, said: "We had the same vision, with the difference that he did better."

Positive outlook for pharma

Next year should be positive for the biopharmaceutical sector, according to analysts at Evaluate Pharma, reports FAZ on Friday (p22).
The current business friendly stance at the U.S. Food and Drug Administration is unlikely to change in 2018. In Europe there may be greater uncertainties in connection with the relocation of the European Medicines Agency to Amsterdam.
Mergers and acquisitions could see an uptick, driven by big pharma and big biotech’s need to re-stock pipelines.

DocMorris's automatic drug dispensary forbidden

A German regional court has ruled that the automatic drug dispensary operated by the mail order company DocMorris in a small village in the southwestern state of Baden-Württemberg, may no longer be operated, report FAZ (p20) and Die Welt (p9) on Friday.
The court announced that DocMorris will in future be prohibited from selling the drugs in Hüffenhardt. An appeal may be lodged against the judgment.
It was argued that the dispensing of medicines infringed the Medicines Act and the pharmacy operating regulations.
"We wait for the written justification of the ruling and then decide how and in what form we will take further steps," said DocMorris' manager Max Müller.
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