Germany's Stada Arzneimittel has struck a deal to sell its U.S. generics subsidiary to Dava Pharmaceuticals for $40 million and exit the market entirely. Stada said that a tough pricing environment and margin pressure in the generics business spurred its decision to get out of the U.S. market. Fort Lee, NJ-based Dava gains the rights to use Stada's name for six months and gains control of all its U.S. development projects, applications and assets.
- read the AP report on Stada's plans