16 May 2013 13:09 [Source: ICIS news]
LONDON (ICIS)--Bayer has signed an agreement to acquire 100% of the shares of privately-held pharmaceutical company Steigerwald Arzneimittelwerk for an undisclosed fee, the Germany-based major said on Thursday.
The transaction 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," said 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 [Commonwealth of Independent States] countries," he added.
Steigerwald, which specialises in pharmacy-only herbal medicines, generated sales of €61.3m ($78.6m) in 2012 and employs approximately 180 people. It has its headquarters and manufacturing site in Darmstadt, Germany, Bayer said.
($1 = €0.78)
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