Stada Arzneimittel AG is planning acquisitions of niche drug producers in Central and Eastern Europe in a bid to reduce costs and bolster regional sales growth, Bloomberg News reported Feb. 16, citing a company executive.

Ronald Seeliger, the company's regional chief, also told the news outlet in an interview that the move is expected to boost the German drugmaker's expansion plans and that the company wants to move some of its production to its own facilities.

Stada plans to seek out acquisition targets with revenue ranging between €5 million and €15 million, and output of semi-finished and finished products, according to Seeliger.

The company also has expansion plans in Serbia and is expected to push aggressively in Hungary and Romania due to high growth forecasts.

"We will align the structure throughout all the countries to get some benefits from synergies, finance, administrative things and regulatory affairs," Seeliger said in the interview with Bloomberg News.