Cinven and Advent International have both made offers to acquire German pharmaceuticals business Stada.

Bain Capital, CVC Capital Partners and Permira are also contenders to acquire Stada, the Financial Times has reported.

Cinven’s offer of €56 per share values the company at around €3.5bn. Shares have been trading at just over this level today, having jumped from Friday’s closing price of just under €50. Pricing details of Advent’s offer have not been announced.

“Both legally non-binding expressions of interest from Cinven Partners LLP and from Advent International Corporation could offer in different ways attractive opportunities in the interest of the Company,” Stada said in a statement. “The Executive Board has therefore started open-minded talks to allow the interested parties to explain their strategic concepts and evaluate further value-enhancing potential with regards to the potential offer price.”

Stada is based in Bad Vilbel near Frankfurt. It focuses on manufacturing generic versions of drugs whose patents have expired, but also produces branded products including cough medicine Covonia. It is present in around 30 countries and reported sales of €2.12bn for 2015.

Cinven, Advent, Bain Capital, CVC and Permira declined to comment or were not immediately available to comment on the matter.