Bayer AG to sell Diabetes Care Business to Panasonic for US$ 1.1 Billion
German pharmaceutical group Bayer AG has signed an agreement with Panasonic Healthcare Holdings to sell its diabetes care business, for €1.022m (US$ 1.1bn).
According to the company news release, the transaction between Panasonic Healthcare and Bayer is expected to close in the first quarter of 2016. Under the deal, Panasonic will acquire Bayer’s Contour portfolio of blood glucose monitoring meters and strips, in addition to products such as Breeze 2, Elite, Entrust and Microlet lancing devices.The Contour portfolio includes products such as Contour Next, Contour Plus, Contour and Contour TS, which are designed to meet the needs of patients with different type of diabetes, stage of disease or testing frequency.
“We are confident that the sale of our Diabetes Care business to our long-standing partner Panasonic Healthcare, with the strong backing of KKR, will support the long-term sustainability of this portfolio,” said Werner Baumann, Bayer HealthCare CEO and Bayer management board member.
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