LEVERKUSEN (dpa-AFX) - Bayer AG (BAYZF.PK, BAYRY.PK, BYR.L), a German pharma and life sciences firm, said on Thursday that it has inked a deal with Grünenthal, a company focused on pain management and related diseases, to sell its men's health product Nebido, for up to 500 million euros.
Nebido (testosterone undecanoate), a treatment for low testosterone levels in men, is available in over 80 countries since 2004.
Marianne De Backer, Member of the Executive Committee and EVP at Pharmaceuticals Division of Bayer, said: 'This divestment is part of the ongoing transformation of our pharmaceuticals business, which focuses on key areas of healthcare innovation. Its proceeds will support investments in future innovation and bring forward transformative treatment options for patients.'
The transaction is expected to close by the end of 2022.
In 2021, Nebido had contributed 117 million euros in sales, to Bayer's overall revenue of over 44 billion euros.
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