Bain, Cinven Resume IPO Plans for Pharma Giant Stada - InforCapital

Frankfurt, August, 2025 – Bain Capital and Cinven are moving ahead with an initial public offering (IPO) of German pharmaceutical group Stada Arzneimittel, after abandoning sale discussions with CapVest Partners. The planned listing, potentially slated for October 2025, is expected to target a valuation of around €10 billion, including debt.

The original sale process reportedly stalled due to disagreements over pricing structure and valuation, prompting Bain and Cinven to return to their preferred exit strategy via the public markets. CapVest, which manages approximately €12 billion in assets, had sought to lead a buyout alongside a consortium of institutional backers in what would have been one of its largest deals to date.

Bain and Cinven acquired Stada in 2017 for €5.3 billion, taking the company private with a goal to scale operations and reposition the business. Since then, Stada has grown into one of Europe’s leading generic and specialty pharma companies, with a diversified portfolio spanning consumer health products, over-the-counter medications, and prescription therapies. Flagship brands include Grippostad and Hirudoid.

In a mid-year update, Stada confirmed its 2025 guidance of €930–€990 million in adjusted EBITDA and €4.25–€4.4 billion in revenues, reinforcing its appeal to public equity investors looking for scalable, resilient healthcare assets.

The shift back toward a public offering follows a broader pattern among private equity sponsors in Europe. In Q2 2025, Permira revived the IPO of Neuraxpharm, targeting a €3 billion valuation for the neuroscience-focused drugmaker. Meanwhile, Advent International is preparing to float Medace, a Swiss diagnostics firm, after shelving a private sale in 2024. Similarly, TPG is in pre-filing stages for Dermativa, a dermatology platform based in Belgium, with an IPO expected before year-end.

These moves reflect growing confidence in public markets for pharma and life sciences companies, particularly those with predictable cash flow, established brand portfolios, and exposure to long-term health trends. The Euronext and Frankfurt exchanges are expected to be primary venues for these listings, amid renewed institutional demand for healthcare equities.

For Bain and Cinven, the potential Stada IPO would mark one of the most significant European listings of the year and a key monetization milestone after eight years of ownership. While a trade sale could still be revived if valuation gaps close, the IPO path is now clearly favored as markets stabilize and investor appetite rebounds.