This report does not constitute a rating action. DUBLIN (S&P Global Ratings) July 15, 2022--S&P Global Ratings said today that Germany-based pharmaceutical drugs manufacturer, Grunenthal Pharma GmbH&Co. KG (Grunenthal; BB-/Stable/--) will increase its product and therapeutic area diversity through the acquisition of the Nebido brand from Bayer as proposed. Nebido is a long-active testosterone product. The transaction would not weigh on S&P Global Ratings-adjusted leverage, because of the funding mix and the fact that we don't give credit to the company's sizable cash balances, given our assessment of its business risk. The rating is therefore not affected. Grunenthal plans to acquire Nebido for up to €600 million, which includes a VAT refund of up to €100 million. It
