Bayer looks to exit diabetes device business
Bloomberg reports that Bayer is exploring the sale of its diabetes device business working with Credit Suisse Group AG to find appropriate buyers. Private equity firms such as Cinven., EQT Partners AB, and KKR& Co. are reported as potential buyers for the unit with a price tag of between one billion and two billion euros ($2.5 billion).
Bayer is selling peripheral businesses, reportedly also including its plastic unit, to focus on the more lucrative life science segments, a strategy advanced in May with the buy of Merck's OTC drug business for $14.2 billion.
Bayer is interested in Zoetis, Bloomberg reports. Proceeds from the sales of the non-core units could fund buying the $22 billion animal health business, split off from Pfizer last year.