Bayer AG to acquire herbal drug maker Steigerwald Arzneimittelwerk
17 May 2013
Germany's largest pharmaceutical company Bayer AG yesterday struck a deal to acquire privately-held herbal drug maker Steigerwald Arzneimittelwerk GmbH, for an undisclosed sum.
''This transaction is further evidence of our commitment to augment organic growth with strategic bolt-on acquisitions," said Dr. Marijn Dekkers, CEO of Bayer, announcing the acquisition.
"It will allow us to provide consumers with an even broader range of self-care options,'' Dr Dekkers added.
Founded in 1951 and based in Darmstadt, Germany, researcherer and drug derveloper Steigerwald manufactures high-quality herbal medicines, including Iberogast for the treatment of functional gastrointestinal disorders and Laif for the treatment of mild to moderate depression.
The company has intensive backward integration capabilities and grows, harvests and processes its medicinal plants into medicines.
Steigerwald generated sales of €61.3 million (approximately Rs436.51in 2012 and employs around 180 people.
''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.
''As a family-owned business, we take great pride in what we have achieved in nurturing and developing our brands," said, Klaus Möller, one of Steigerwald's shareholders.
"We believe that Bayer, with its extensive marketing, sales, distribution and research expertise, is well positioned to take our success to the next level,'' Moller added.