Siemens Acquires Diagnostics Division from Bayer Healthcare
The Bayer Group announced yesterday it plans to sell the Diagnostics Division of Bayer HealthCare to Siemens AG, Munich, Germany, for 4.2 billion Euros (roughly $5.25B at the current exchange rate). The divestment was approved by the Bayer Supervisory Board. Closing of the transaction is expected for the first half of 2007, subject to the approval of antitrust authorities. The division employs more than 5,000 people worldwide and had sales of 1.4 billion Euros last year ($1.75B).
According to Bloomberg Siemens is realigning the company to focus on medical technology, transportation, automation and energy. The group acquired Diagnostic Products Corporation in April. Bayer will focus its remaining healthcare business on pharmaceuticals and direct-to-consumer products.
June 30, 2006 Related topics: Mergers & Acquisitions, Diagnostic