Bain Capital and Cinven have failed to acquire German pharmaceutical producer Stada (FRA: SAZ) for €4.1 billion after falling short of the necessary stockholder approval.
Only 65.5% of Stada's outstanding shares voted to accept Bain Capital and Cinven’s offer, less than the 67.5% needed. The deal initially required 75% approval, but the firms agreed a few weeks ago to lower that mark and extend the voting deadline. Bain Capital and Cinven had beat out a consortium led by Permira and Advent International to come to terms on a Stada deal in April.
Now, that deal seems dead—a fitting development, perhaps, in what's been a moribund pharmaceutical sector so far in 2017. Globally, investors have completed just 40 private equity deals in the space this year, per the PitchBook Platform, well off the pace of the 153 transactions completed last year.