Bayer agreed to sell rights to its cancer drug Stivarga to Gruenenthal Group for up to 375 million euros ($430.7 million), the acquirer said Monday. The drug, due to lose patent protection in the European Union in 2029 and in the U.S. a year later, is approved to treat advanced forms of metastatic colorectal cancer, hepatocellular carcinoma and gastrointestinal stromal tumors, German drugmaker Gruenenthal said.

For Bayer, the deal comes after the German agricultural-and-pharmaceutical group completed the sale of a minority stake in its long-acting reversible contraceptives business to Apollo for around 3 billion euros earlier this month. Gruenenthal said the acquisition marks the latest step in its strategy to acquire established drugs that serve continuing medical needs.

The company said it expects the acquisition to lift its 2027 earnings before interest, taxes, depreciation and amortization by up to around 100 million euros. The deal is expected to close by the end of 2026 or early 2027, subject to customary closing conditions, Gruenenthal said.