| 2 min read
Register for free to listen to this article
Listen with Speechify
0:00
2:00
LEVERKUSEN, Germany—Bayer AG has announced the signing of a definitive agreement under which it will sell its Diabetes Care business to Panasonic Healthcare Holdings Inc. for a total deal consideration of 1.022 billion euros (approximately $1.15 billion). The deal is subject to customary closing conditions, including relevant antitrust clearance, and is expected to close in the first quarter of next year.
 
“We are confident that the sale of our Diabetes Care business to our longstanding partner Panasonic Healthcare, with the strong backing of KKR, will support the long-term sustainability of this portfolio,” Werner Baumann, a member of the board of management of Bayer AG and CEO of Bayer HealthCare, said in a press release.
 
The transaction includes Bayer's Contour portfolio of blood glucose monitoring meters and strips, in addition to other products that include Breeze 2, Elite and Microlet lancing devices. The Contour portfolio includes Contour Next, Contour Plus, Contour and Contour TS, and is designed to address the needs of all patients regardless of the type of diabetes they present with, the stage of their disease or their testing frequency. Bayer's Diabetes Care business recorded sales of 909 million euros (approximately $1.03 billion) in 2014. The business has a sales presence in 125 countries, with approximately 1,500 employees as of April of this year.

“For more than 20 years, our companies have shared complementary goals. We anticipate that this partnership will take our two great businesses to new heights, and we wholly welcome the BDC team as full partners to Panasonic Healthcare,” noted Kenji Yamane, president of Panasonic Healthcare and Panasonic Healthcare Holdings Co., Ltd.

Johannes Huth, member and head of KKR Europe, Africa and Middle East, and Hiro Hirano, member and CEO of KKR Japan, said, "We are pleased that Bayer Diabetes Care chose Panasonic Healthcare and KKR as the trusted partners for bringing the business to its next stage of development. This is another milestone in KKR's track record of partnering with leading German and Japanese corporates and in growing top health care companies. Together, we will leverage our experience and network to create a global diabetes care solutions powerhouse in an effort to make this a transformational transaction for the diabetes care industry."
 
KKR, a leading global investment firm, is a shareholder of Panasonic Healthcare Holdings Co. Ltd, holding 80 percent of the company, while Panasonic Corporation holds the remaining 20 percent.

About the Author

Related Topics

Loading Next Article...
Loading Next Article...
Subscribe to Newsletter

Subscribe to our eNewsletters

Stay connected with all of the latest from Drug Discovery News.

Subscribe

Sponsored

Gold circles with attached purple corkscrew shapes represent gold nanoparticles against a black background.

Driving gene therapy with nonviral vectors 

Learn why nonviral vectors are on the rise in gene therapy development.
A 3D digital illustration of a viral spike protein on a cell surface, surrounded by colorful, floating antibodies in the background

Milestone: Leapfrogging to quantitative, high throughput protein detection and analysis

Researchers continuously push the boundaries of what’s possible with protein analysis tools.
Blue cancer cells attached to a cellular surface against a bright blue background in a 3D rendering of a cancer infection.

Advancing immuno-oncology research with cellular assays

Explore critical insights into immunogenicity and immunotoxicity assays for cancer therapies.
Drug Discovery News November 2024 Issue
Latest IssueVolume 20 • Issue 6 • November 2024

November 2024

November 2024 Issue

Explore this issue