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Bayer to Sell Diabetes Unit to KKR Unit for $1.15 Billion

Bayer Chief Executive Officer Marijn Dekkers is selling peripheral units as he focuses on more lucrative life-sciences businesses.

Bayer Chief Executive Officer Marijn Dekkers is selling peripheral units as he focuses on more lucrative life-sciences businesses.

Photographer: Hannelore Foerster/Bloomberg
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Bayer AG will sell its diabetes devices unit to Panasonic Healthcare Co., a joint venture backed by buyout firm KKR & Co., for about 1 billion euros ($1.15 billion) to exit a business hobbled by ageing products and price pressure.

The unit makes blood-glucose monitoring systems and other devices used by some of the 350 million people who live with diabetes, Leverkusen, Germany-based Bayer and Tokyo-based Panasonic Healthcare said in a statement today.