Chinese Dark Horse Said to Challenge KKR for Bayer Diabetes

Sinocare Inc., a Chinese maker of blood-sugar monitors, teamed up with an arm of the country’s largest brokerage to enter the bidding for Bayer AG’s diabetes devices business, people with knowledge of the matter said.

Sinocare made an offer of about $1 billion with Citic Securities Co.’s direct-investment unit Goldstone Investment Co., the people said, asking not to be identified as the information is private. It has reached out to Chinese banks to seek financing for a potential deal, one of the people said.