German Drugmaker, a Target of Activists, Prepares Board Shakeup

Stada Arzneimittel AG, the German generic-drug maker targeted by shareholder activist Active Ownership Capital Sarl, postponed the annual general meeting scheduled for June 9 as it prepares a boardroom shakeup aimed at accelerating its long-term growth strategy. Stada, based in Bad Vilbel, brought forward by two years plans to renew the supervisory board that oversees the management board and said it will now hold the annual meeting on Aug. 26 to ensure a transparent selection process, according to a statement to the stock exchange on Sunday. Germany’s largest maker of generic drugs was urged by Active Ownership Capital on May 9 to replace five board members and remove a restriction on the transfer of shares. The activist, which has a minority stake, according to a March filing with regulators, is pushing for change at Stada. The drugmaker sells cheaper copies of the erection pill Viagra and the painkiller Voltaren and has had the same chief executive officer for the past 22 years.