Grünenthal, a leading pain management and research company based in Aachen, Germany, announced an agreement with Bayer AG to acquire the cancer treatment Stivarga® for up to €375 million. This acquisition is part of Grünenthal's strategy to acquire established medicines that address clear medical needs and leverage its commercial capabilities for growth. Stivarga®, an oral multikinase inhibitor, is used for advanced cancers such as metastatic colorectal cancer, gastrointestinal stromal tumors (GIST), and hepatocellular carcinoma, and is available in over 90 markets globally.
The transaction is subject to customary closing conditions, including regulatory approvals, and is anticipated to conclude by the end of 2026 or early 2027. Grünenthal's CEO, Gabriel Baertschi, stated that the acquisition is a strong strategic fit, immediately accretive to their business, and will support long-term growth by maximizing the medicine's value. The company estimates Stivarga® could positively impact its consolidated EBITDA by up to approximately €100 million for the year ending December 31, 2027, assuming a full-year consolidation.
This acquisition marks the latest step in Grünenthal's disciplined M&A strategy, through which it has invested around €2.6 billion in successful transactions since 2017. Previous acquisitions include Nebido™, Cialis® (in certain markets), Crestor™, Nexium™ (European rights), Vimovo™, Zomig™ (ex-Japan), and Qutenza™. For Bayer, this sale aligns with its ongoing strategy to streamline its pharmaceutical portfolio and focus on newer active ingredients, divesting oncology products with expiring patent protection.
The patent exclusivity for Stivarga® is expected to expire in 2029 in the European Union and in 2030 in the United States. Stivarga® has treated over one million patients across more than 90 countries over ten years. Grünenthal, with approximately 4,100 employees and revenues of €1.8 billion in 2025, operates in 28 countries across Europe, Latin America, and the U.S., with its products available in about 100 countries.
