Panasonic Healthcare is to purchase Bayer’s Diabetic Care Unit for $1.13 billion.
Bayer is ready to sell off its Diabetes Care Unit to Panasonic for more than a billion dollars. This was supported by KKR & Company. The unit creates diabetes monitoring equipment.
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The Bayer CEO Marijn Dekkers said that he is allowing his company to let go of such units as he wants the emphasis to be on life science projects instead. Bayer also wants to list its plastics unit on the market economic index in the times which lie ahead.
Meanwhile, KKR owns a large percentage of Panasonic Healthcare. Bayer managed sales of hundreds of euros last year. Now it has plans for the future.
Basically, its diabetic unit faced competition from other reading devices made by other pharmaceutical firms. But now that it is about to get rid of its unit by selling it off to Panasonic Healthcare, things are going to be alright.
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Within the time span of the 2016, Bayer expects to sell off its diabetes unit, according to WSJ. This will be like a huge burden off its back. And then finally it can concentrate on other things which matter more to Bayer than the diabetes unit.