Bayer completes sale of diabetes care business to Panasonic

Bayer has announced the completion of the sale of its diabetes care business to Panasonic Healthcare Holdings.

The firm, which is backed by funds sponsored by leading global investment firm KKR and Panasonic, has purchased the diabetes business for one billion euros (735.73 million pounds) and plans to operate it as a standalone company called Ascensia Diabetes Care.

Headquartered in Basel, Switzerland, the new company will continue to sell its leading Contour portfolio of blood glucose monitoring meters and strips, as well as other products such as the Breeze 2, Elite and Microlet lancing devices.

Bayer's diabetes care business generated 909 million euros in sales in 2014. In conjunction with Panasonic Healthcare, it will develop, manufacture, market and sell blood glucose monitoring meters and strips for people with diabetes in more than 125 countries.

Hidehito Kotani, president of Panasonic Healthcare, said: "We greatly look forward to expanding this business and innovating new solutions at this integral point in the diabetes care industry."