Reuters: Mergers News: Stada says to pursue more deals given consolidation

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Stada says to pursue more deals given consolidation May 30th 2012, 10:00 FRANKFURT | Wed May 30, 2012 6:00am EDT FRANKFURT May 30 (Reuters) - German generic drugmaker Stada said that it needs to pursue takeover opportunities in the face of rivals' deal activity. Consolidation in the pharmaceutical and generics industry was set to continue, Chief Executive Hartmut Retzlaff told shareholders at the group's annual general meeting. Swiss drugmaker Novartis this month agreed to buy generic dermatology products maker Fougera for $1.53 billion, a week after Watson snatched up rival generic drugmaker Actavis Group for $5.6 billion. Retzlaff also said that the Stada's initial goal to cut 800 jobs by 2013 would be reached this year.

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