Bayer AG sells diabetes care business to Panasonic HealthCare for �1022 million

Bayer AG has entered into a definitive agreement to sell its Diabetes Care business to Panasonic Healthcare Holdings, a company which is backed by funds sponsored by leading global investment firm KKR and the Panasonic Corporation. The total consideration for the transaction is €1022 million (JPY 138 billion). The sale will include the leading Contour portfolio of blood glucose monitoring meters and strips, as well as other products such as Breeze 2, Elite and Microlet lancing devices. The business accounted for €909 million in sales in 2014, with Contour being the principal product portfolio. The Contour portfolio includes Contour Next, Contour Plus, Contour and Contour TS and is designed to meet the needs of all patients regardless of type of diabetes, stage of disease, or testing frequency. Other products include Breeze 2, Brio, Entrust, Elite and Microlet lancing devices.