M&A update: Stada looks up for sales; OSI lets Astellas see confidential data

In two pieces of M&A related news, German generic drugmaker Stada has revealed that it would be open to an attractive takeover offer, though adding to could fend off any unattractive advances. Also, USA-based OSI Pharmaceuticals has agreed to let hostile bidder Japan's Astellas Pharma to review certain confidential information.

Stada, Germany's third-largest generics firm, came strongly into focus earlier this month, after Israel's Teva Pharmaceutical Industries prevailed in a takeover battle for Ratiopharm (The Pharma Letter March 22), leaving global drug behemoth Pfizer without the acquisition it had wanted, as was Icelandic firm Actavis which was also among the last few vying for the generics business.

This led to speculation that Stada could become its target, although at the time most observers thought the German company was not up for grabs. Its statement otherwise did little to encourage investors, as Stada's stock fell 3.4% to 29.22 euros on the news.