Bayer has signed an agreement to purchase 100% of the shares of Steigerwald Arzneimittelwerk.
The transaction includes Iberogast and Laif brands indicated for the treatment of functional gastrointestinal disorders and for the treatment of mild to moderate depression respectively.
The privately held pharmaceutical company Steigerwald Arzneimittelwerk is specialized in pharmacy-only herbal medicines.
Bayer CEO Dr. Marijn Dekkers said the transaction is expected to provide consumers with an even broader range of self-care options.
"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," Dekkers added.
The transaction that is expected to close at the beginning of July 2013 is subject to fulfillment of the usual conditions, including antitrust clearance.
Bayer is committed to take over all of Steigerwald's approximately 180 employees.
The Steigerwald's Darmstadt site and the sales organization are to retain their existing structures.
