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Grünenthal Group said in a statement that it reached an agreement with Bayer AG to acquire Stivarga, an oral multikinase inhibitor also known as regorafenib, for up to 375 million euros. The deal covers global rights to the medicine, which is indicated for metastatic colorectal cancer, hepatocellular carcinoma and gastrointestinal stromal tumours in patients who have already received other treatments or cannot be given them. The acquisition remains subject to regulatory approvals and other customary conditions, with both parties anticipating a close by the end of 2026 or early 2027.
According to Grünenthal’s announcement, Stivarga holds approvals and is marketed in more than 90 countries, though patent protection is projected to expire in 2029 in the European Union and 2030 in the United States. Bayer reported an 18 percent drop in first-half 2026 sales to 148 million euros, which the company linked to China’s centralized tender program for off-patent drugs. Full-year sales in 2025 totaled 338 million euros, reflecting a roughly 25 percent decline from the previous year.
Gabriel Baertschi, chief executive of Grünenthal, said in the announcement, “This acquisition is a strong strategic fit for Grünenthal and reflects our disciplined M&A strategy of acquiring established medicines that address clear and ongoing medical needs and create long-term value.” The buyer, which has committed around 2.6 billion euros to M&A deals since 2017, projects that Stivarga could contribute up to 100 million euros to consolidated EBITDA in 2027 if the transaction closes as scheduled and receives full-year consolidation. Grünenthal described the purchase as the latest move to leverage its commercial and operational strengths for sustained growth.
The transaction arrives weeks after Bayer completed the sale of a minority stake in its long-acting reversible contraceptives business to Apollo Global Management for approximately 3 billion euros. For the seller, divesting the mature oncology asset frees resources to concentrate on newer pharmaceutical candidates as exclusivity periods near their end. Such portfolio pruning has become routine among large drugmakers seeking to streamline operations around high-potential pipelines.
Baker McKenzie advised Bayer on the sale while Freshfields Bruckhaus Deringer counseled Grünenthal, according to statements issued by the respective law firms. The Baker McKenzie engagement supported the transfer of worldwide rights to the established treatment across multiple regulatory environments. This legal framework ensured all aspects of the complex cross-border deal met applicable requirements.
Grünenthal, headquartered in Aachen and recognized as a global leader in pain management and research, continues to expand through targeted acquisitions that enhance profitability and support its development pipeline. The addition of Stivarga broadens the company’s therapeutic footprint into oncology while building on existing infrastructure for commercialization. Pharmaceutical industry data show similar transfers of legacy products from multinational corporations to specialized buyers remain active as patent cliffs approach.
