Panasonic Healthcare acquires diabetes business from Bayer AG

Japanese Panasonic Healthcare Holdings Co Ltd (Panasonic Healthcare) and Bayer Aktiengesellschaft (Bayer AG) have announced the completion of Panasonic Healthcare’s acquisition of Bayer AG’s Diabetes Care business. Panasonic Healthcare is backed by funds sponsored by leading global investment firm KKR and the Panasonic Corporation. The total consideration for the transaction is around EUR 1 billion (approximately ¥132 billion at the exchange rate of EUR1=¥132).
The acquired Diabetes Care business will operate as a stand-alone company named Ascensia Diabetes Care that will provide high-quality solutions and precision tools to serve the needs of people with diabetes. Together Ascensia Diabetes Care and Panasonic Healthcare 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: “Our goal is to ensure high-quality technologies and diabetes care solutions are available to all patients who need them. Bringing together Panasonic Healthcare and Ascensia Diabetes Care will significantly help to achieve this goal. Together with KKR, the companies will be able to serve more patients in more places across the globe with world-class products. We greatly look forward to expanding this business and innovating new solutions at this integral point in the diabetes care industry.”
Michael Kloss, Chief Executive Officer of Ascensia Diabetes Care, added: “We are excited to launch as Ascensia Diabetes Care and continue to be a trustworthy provider of reliable, high-performance solutions that could make a positive, daily difference for people with diabetes. This is a unique and exciting opportunity for us to expand our business and better serve our patients, customers and partners worldwide. Panasonic Healthcare has been a pioneer in the development of key diabetes care products, and we are thrilled to work together with them to introduce new and innovative technologies that enhance the lives of patients living with diabetes. We are focused on moving forward into an exciting future and continuing to play a leading role in the diabetes care industry.”
Johannes Huth, Member & Head of KKR Europe, Africa and Middle East, and Hiro Hirano, Member & CEO of KKR Japan, said: “We are honored to partner with such a world-class franchise and will support Ascensia Diabetes Care’s efforts to deliver high-quality diabetes care products to customers worldwide.”