Bayer signed an agreement Thursday to acquire 100% of the shares of Steigerwald Arzneimittelwerk, 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.

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.