Stada, a German drug manufacturer backed by private equity firms Bain Capital and Cinven, has appointed a new independent chairman and board of directors as it prepares for an initial public offering (IPO) that could be one of Europe's largest. Andreas Fibig, a board member at Novo Nordisk, will become the independent chairman if the IPO goes ahead. The IPO is planned for the beginning of the second quarter in Frankfurt and could value Stada at around €10bn ($10.37bn). Bain and Cinven are expected to sell minority stakes in Stada to raise funds for future growth.