LEVERKUSEN, Germany, May 16, 2013 /PRNewswire/ -- Bayer signed an agreement Thursday to acquire 100% of the shares of Steigerwald Arzneimittelwerk GmbH, Darmstadt, Germany, a 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 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."
Klaus Moller, 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 €61.3 million in 2012. The company employs approximately 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.
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Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech materials. As an innovation company, it sets trends in research-intensive areas. Bayer's products and services are designed to benefit people and improve the quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power. Bayer is committed to the principles of sustainable development and acts as a socially and ethically responsible corporate citizen. In fiscal 2012, the Group employed about 110,500 people and had sales of €39.8 billion. Capital expenditures amounted to €2.0 billion, R&D expenses to €3.0 billion. For more information, go to www.bayer.com.
About Steigerwald Arzneimittelwerk
Steigerwald Arzneimittelwerk GmbH, headquartered in Darmstadt, Germany, researches, develops and manufactures high-quality herbal medicines using the latest scientific knowledge and production technologies with the aim of offering physicians, pharmacists and patients effective, well tolerated treatments based on natural ingredients. The company continuously invests large sums in clinical and pharmacological studies on the efficacy and tolerance of its principal products. Another major focus is on explaining the results of the extensive studies to physicians and pharmacists.
This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
SOURCE Bayer HealthCare