Germany’s antitrust authority Bundeskartellamt has approved BASF’s plans to sell its custom synthesis business, part of the Nutrition & Health division, and parts of its current active pharmaceutical ingredients (APIs) business to Zofingen, Switzerland-based Siegfried Holding.

Following the divestment, which has an enterprise value of €270 million, BASF intends to focus on products for which it has a leading market position.

Siegfried will acquire APIs such as ephedrine, pseudoephedrine and caffeine, with annual sales of around €270 million, while BASF will retain its excipient portfolio and selected APIs, such as ibuprofen, omega-3 fatty acids and polyethylenglycol (PEG).

The Swiss company said it expects the transaction be finalized at the beginning of the fourth quarter.