Bayer has signed an agreement to acquire 100% of the shares of Steigerwald Arzneimittelwerk, a Darmstadt, Germany-based privately held pharmaceutical company specializing in pharmacy-only herbal medicines.
Steigerwald’s product portfolio includes Iberogast for the treatment of functional gastrointestinal disorders and Laif for the treatment of mild to moderate depression. Financial details have not been disclosed. The transaction is subject to fulfillment of the usual conditions, including antitrust clearance, and is expected to close at the beginning of July 2013.
“This transaction is further evidence of our commitment to augment organic growth with strategic bolt-on acquisitions. It will allow us to provide consumers with an even broader range of self-care options,” said Dr. Marijn Dekkers, CEO of Bayer. “This acquisition broadens our product offering for the treatment of gastrointestinal disorders and gives us the opportunity to enhance our presence in Germany, the fast-growing regions of East-Central Europe and the CIS countries.”
Klaus Möller, one of Steigerwald’s shareholders, added, “As a family-owned business, we take great pride in what we have achieved in nurturing and developing our brands. We believe that Bayer, with its extensive marketing, sales, distribution and research expertise, is well positioned to take our success to the next level.”
Steigerwald generated sales of approximately $78 million in 2012. The company employs 180 people and has its headquarters and manufacturing site in Darmstadt. Bayer has committed to take over all of Steigerwald’s employees. The Darmstadt site and the sales organization are to retain their existing structures.