On Monday, the 24th of February 2020, Bad Vilbel-based German pharmaceutical company, Stada Arzneimittel AG, often dubbed as Stada and engaged primarily in research and development of generic alongside over-the-counter drugs said that its management board had agreed to purchase 15 consumer healthcare products from the UK-based pharmaceutical GlaxoSmithKline as the German generic drugmaker has been looking to strengthen its portfolio for prescription-free drug business in Europe.
On top of that, according to German drugmaker’s Monday’s (February 24th) statement, the fifteen brands it had agreed to purchase from GSK included a cold remedy Coldrex, a vitamin C supplement Cetebe, sore throat drug Mebucaine, allergy remedy Tavegyl and a many more, nonetheless, followed by the reveal of Stada deal for 15 GSK brands, shares’ prices of Frankfurt-listed Stada wiped off as much as one-seventh of its market cap to wind down the day at $88.92 per share.
Besides, although the companies had declined to comment over the financial terms of the deal, two sources directly briefed over the transaction had confirmed that the German generic drug maker would pay a lump-sum of €300 million for 15 GSK brands.
Meanwhile, expressing optimism over the GSK deal, Stada Chief Executive, Peter Goldschmidt said followed by the announcement on Monday (February 24th), “Under our ownership, we believe there is an excellent opportunity to revitalize and grow these consumer healthcare brands. ”