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Stada Holds out for Higher Bids

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Stada Holds out for Higher Bids Q&A with Spotlight Boots races GSK’s on away with CharlottePerry Zurego the title page 17 page 6 page 20 Contents Stada holds out 24 March 2017 Issue Number 479 COMPANY NEWS forhigher bids Valeant sells units 2 tada Arzneimittel has postponed the at between C570 million and C590 million, than in three markets S“structuredbiddingprocess” forpoten- the previously-announced figure of C510 million. Mylan is targeting 3 tial acquirers to give rivalbidders the op- The increase in the growth targetsfor 2019, atop-10 position portunitytoimprove their takeoveroffers. Stada noted, reflected theinterimresults from Adcockrestructurepaysoff 4 “The executive and supervisory boards mu- its‘StadaPlus’ programme introduced last year Ascendis settoacquiretwo firms 5 tually agree that the indicative bids do not yet to improve performance. “Aspart of this pro- reflectthe fundamental value of Stada,”com- gramme,” the firmexplained, “Stada in thecom- GENERAL NEWS mented the Germanfirm.“Thus, the company, ingyears will implement arange of measures for the time being, wants to provide the bidders whichare aimedattapping into potentials in ex- Industrystifling innovation 7 with the opportunity to increase their offers.” isting and newmarkets,onthe reduction of com- Dutchsales improve 8 On 25 February,Stada launched a“trans- plexity both in the portfolio as well as in the by 3.9% to e719mn parent and fair” bidding process for the firm organisation, and on improving the cost basis.” ASA wantstoengage industry9 to give all interested parties alevel playing field Matthias Wiedenfels, chairman of Stada’s Colds boost German market10 to “present their plans for Stada” (OTC bul- executive board, insisted that the company’s letin,3March 2017, page 1). The company growthstrategyhad “gained significant momen- NZ considers future11 made the move after oneinterested party,pri- tum” in the past six months. “Thanks to this of codeine products vate-equity firm Advent International, sub- positive momentum, we are able to leverage MARKETING NEWS mittedalegally-binding takeover offer valuing even more ambitiouspotential. Within our Stada the firmataround C3.6 billion. Plus programme, we have identified additional Corsodyl movespast science 15 Stada has also raised itsmedium-term growth significant growth potential andstarted concrete Merck’s Femibion 16 targets for 2019.The firmnow expects thatsales initiativeswith significantly positive impact on set forexpansion will reachbetween C2.65 billion and C2.70 bil- sales and profitability.” Diomed to bolster Iglü 17 lion in 2019, up from the previously-reported “With our newEBITDA-margin target we estimate of C2.60 billion. Adjusted earnings will significantly improve our competitive po- Infirst points to 18 before interest, tax,depreciation andamortisa- sition,”heinsisted. “Wewill make Stada more newcough path tion (EBITDA) are also expected to be higher efficient, stronger and more viable.” OTC REGULARS Spotlight on –Zurego 6 OTCMarketing AwardWinners Q&A –with GSK’s17 CharlottePerry The supplement bound into the centre of this Events –Our regular listing 19 issue listsall the winners,runners-up and highly- commendedentries for OTC bulletin’s UK OTC People –WBA promotes 23 to fillmarketing posts MarketingAwards 2017. Thepresentation photo- graphs are on pages12, 13 and14. OTC Connect with us on: Twitter LinkedIn OTC-bulletin.com OTC COMPANY NEWS Annual Results Business Strategy/Annual Results Merck posts Valeant sells units modest rise in three markets strong performance in Asiahelped lift Asales at Merck KGaA’s Consumer Health aleanthas agreed to divest businesses in business by 3.4% operationally in 2016. VBrazil, Indonesia and Vietnam as part of its However, negative currency effectshad com- mission to reduce the group’sdebt burden. The pletely wiped out theoperational gain, the Ger- operations thatwill be sold are InstitutoTera- man companypointed out,leavingthe Consumer peuticoDelta in Brazil, Armoxindo in Indo- Health division’ssales as reported down by 5.0% nesia and Euvipharm in Vietnam. No financial at C860 million. details have been disclosed. The Neurobion vitamin Bbrand had driven “Weare in the process of divesting certain up sales in Asia in the 12 months, Merck noted, businessesinseveralnon-core geographies, in- along with asolid showing from the Sangobion cluding Brazil,Indonesia and Vietnam,” chair- anaemiasupplement. In terms of markets, In- man and chief executive officer Joseph Papa told donesia,Malaysia, thePhilippines, Singapore investors as he unveiled a7%drop in group turn- and Thailand had all recorded double-digit overin2016 to US$9.67 billion (C8.96 billion). Joseph Papa growth in 2016, the companypointed out. When it acquired Brazil’sDelta for BRL97 million (C29 million) in 2010, Valeant noted The firm’s20,000 sq mfacility has an annual Additions to portfolio that theprivately-owned firm hadgenerated a capacity of 8billion tablets. During the period, Merck expanded its Con- 2009turnoverofBRL49million, largelyfrom Commentingondivesting the businesses in sumer Health portfolioinAsiawith three dietary branded generics and OTCproducts (OTC Indonesiaand Vietnam –whichtogethergener- supplements transferred from its Biopharma busi- bulletin,30April 2010, page 3). Then chair- ated sales of US$7 millionlast year –Papa said ness (OTC bulletin,27May 2016, page 11). manand chief executive Michael Pearson said theywerenot “corefor us”. “By reducing com- The Evionvitamin Eproduct, Livogen iron incorporating Delta’sproduction facility in In- plexity, we simplify the business model and get and folic-acid supplement and thePolybionvita- daiatuba,Brazil,would allowthe group to “ach- thefocus on where we can really growthe busi- minDbrand were all marketed in India, Merck ieve significant growth and synergies” in con- ness for the future,”heexplained, identifying explained, andgenerated combinedannual sales junctionwith Valeant’sotheractivitiesinBrazil. the group’sBausch +Lomb eye-care, gastro- of around C45 million. Adeal for privately-owned Armoxindo in intestinal and dermatology franchises as core All three brands had enjoyed a“smooth August 2014 brought Valeant “more than 100 assets, with North America forming “a very transition” into theConsumerHeath portfolio, different prescription and OTCproducts”, in- important core” in geographic terms. the companynoted. cludingcoughand cold remedies, anti-inflam- Papa pointed outthatthe proceeds fromthe Outside Asia, Merck said Consumer Health matory drugs, asthma treatments and antacids, divestments in Brazil, Indonesia and Vietnam had recorded “lowsingle-digit growth” in the as well as alocal production plant. “Weare would come on top of the US$2.19 billion that Americas and Southern Europe (ASE) and the focusing on the branded generics segment in the firm wasset to raisefromselling skincare Central and Eastern Europe, Middle East and South-East Asia,”commented regional president brands to L’Oréal (OTC bulletin,3February Africa (CEEMEA) reporting regions. Andrew Howden at the time,adding thatArmox- 2017, page 3) and its Dendreon Pharmaceu- indo would provide aplatform from which to ticals business to Sanpower.This would help Femibion in demand market other Valeant products in Indonesia. the group achieve its goal announced in Au- Strong demand for the Femibion women’s Valeant in 2013 paid alittle overUS$20 mil- gust last year of paying offUS$5 billion of health supplement in Germanyand Iran had lion foracontrolling 65%stake in Vietnamese its US$30 billion debt burden fromsalespro- helped to drive up sales in CEEMEA,the firm branded generics and OTCplayer Euvipharm. ceeds and freecashflow by early 2018. OTC said. SouthAfricahad been Consumer Health’s best-performing market in the region, Merck added, just ahead of Saudi Arabia and the UK. IN BRIEF Meanwhile, in ASE, Consumer Health had enjoyed solid growth in Brazil, Chile and Col- SIGMA PHARMACEUTICALS – evolution and vision to be amore holistic ombia, Merck pointed out, with Neurobion per- the Australian wholesaler and retailer –isto healthcare company. Sigma is in afantastic posi- forming well across all three markets. change its name to Sigma Healthcare.The tion in the healthcare space to connect products, The companyexpanded its OTCportfolio companysaidthe name change –which is sub- services and data to provide greater benefits in ASE during 2016 by transferring from Bio- ject to shareholder approvalatthe firm’sannual forour customers, ourpartnersand ultimately pharma the Anemidox/Confer andHepabionta generalmeetingon3May –would“better re- growth for our members and Sigma,’’ said brands, which are marketed across Latin America flectits broader healthcarefocus”. MarkHooper, Hooper.“Along with the name change, we will (OTC bulletin,5February 2016, page 15). Sigma’schief executive officerand managing be going to market with anew logo and tag- Consumer Health accounted for 5.7% of director,saidthe move wasmore than just a line –Connecting Health Solutions –that we Merck’stotal sales in 2016, which advanced by “symbolic”change.“It is an important and ex- believe better capturesSigma’s roleinthe health- 17.0% to C15.0 billion. OTC citing change that better represents Sigma’s care industry,’’ he added. OTC 2 OTC bulletin 24 March 2017 COMPANY NEWS OTC Mergers &Acquisitions Business Strategy Sanofi swap Mylan is targeting completed atop-10 position anofi’s acquisition of Boehringer Ingelheim’s SConsumer Health Care business has now ylan is committed to becoming atop-10 closed in all relevant markets after the trans- Mplayer in the globalOTC
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