Bayer to strengthen consumer business with Steigerwald acquisition

Germany’s Bayer (BAYN: DE) has signed an agreement to acquire 100% of the shares of Steigerwald Arzneimittelwerk GmbH, based in Darmstadt, a privately held pharmaceutical company specializing in pharmacy-only herbal medicines. Financial terms of the accord were not disclosed.

Steigerwald’s product portfolio includes Iberogast for the treatment of functional gastrointestinal disorders and Laif for the treatment of mild to moderate depression. 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 Marijn Dekkers, chief executive of Bayer AG. "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," he added.