Bayer AG has entered into a definitive agreement to sell its Bayer Diabetes Care (BDC) business to Panasonic Healthcare Holdings Co. Ltd. (KKR).
“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,” Kenji Yamane, president of Panasonic Healthcare and Panasonic Healthcare Holdings, said.
The total consideration for the transaction is $1.15 billion The sale includes the Contour portfolio of blood glucose monitoring meters and strips, and Breeze 2, Elite and Microlet lancing devices.
"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,” Johannes Huth, member and head of KKR Europe, Africa and Middle East, and KKR Japan CEO Hiro Hirano said. “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."
Closing of the transaction is subject to customary conditions and is expected to happend in the first quarter of 2016.
For more information, visit Panasonic Healthcare's website, http://us.panasonic-healthcare.com.