Bayer Plans to Sell Diabetes Business to Panasonic

Bayer AG has signed a definitive agreement to sell its diabetes care business to Panasonic Healthcare Holdings for nearly $1.15 billion. As part of the deal, Panasonic will gain Bayer’s Contour portfolio of blood glucose monitoring systems, as well as the Breeze 2, Elite and Microlet lancing devices.

The deal, however, needs to secure antitrust clearance. Bayer expects to formally close the transaction in the first quarter of next year.

Germany-based Bayer develops healthcare, agricultural and high-tech polymer products. Last year, its diabetes subsidiary posted sales of more than $1 billion.

Panasonic Healthcare Holdings, a subsidiary of Panasonic, was established in 2014 to develop, manufacture, sell and service medical equipment. It is based in Tokyo, Japan. — Jason Scott