Switzerland-based Siegfried Holding has signed an agreement with Germany-based BASF to acquire part of its pharmaceuticals business for around €270m.

As part of the deal, Siegfried will acquire significant segments of BASF’s pharmaceutical supply business and connected chemical-pharmaceutical production units in Germany, France and Switzerland.

Siegfried CEO Rudolf Hanko: “Through this acquisition, Siegfried will reach the critical size to play a leading role in the supplier market as a recognised partner for the pharmaceutical industry.”

“Through this acquisition, Siegfried will reach the critical size to play a leading role in the supplier market as a recognised partner for the pharmaceutical industry.”

The deal will allow Siegfried to acquire BASF’s active pharmaceutical ingredients (APIs) such as ephedrine, pseudoephedrine and caffeine.

BASF said that it will not sell its leading excipient portfolio and selected APIs such as ibuprofen, omega-3 fatty acids and polyethylenglycol (PEG).

The production units being divested are in Minden in Germany, Saint-Vulbas in France, and Evionnaz in Switzerland. These sites include around 850 employees and reported sales of around CHF280m in 2014.

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BASF board of executive directors member Michael Heinz said: “BASF’s highly skilled team and its competitive plants for active pharmaceutical ingredients and custom synthesis will give the new owner a strong market position and will create additional value.

“This step is in line with BASF’s strategy of actively managing its portfolio and it will further sharpen the focus of the Performance Products segment on growth and high margin core businesses.”