29 April 2013 10:39 [Source: ICIS news]
LONDON (ICIS)--Bayer is to ramp up its exposure to the women’s health sector with the acquisition of US-based contraceptive specialist Conceptus Inc for around $1.1bn (€847m) in cash, the German chemicals manufacturer said on Monday.
Bayer will launch a public tender offer to acquire all outstanding shares in Conceptus within the next 10 days, for which shareholders in the company will receive $31 per share.
The acquisition will give Bayer a range of short-term, long-term and permanent birth control service offerings, the company added.
Conceptus developed and markets Essure, a permanent non-surgical contraceptive method.
The transaction is expected to close in mid-2013, pending customary conditions and anti-trust approvals, Bayer added.
“Bayer is committed to augmenting its organic growth with strategic bolt-on acquisitions. The acquisition of Conceptus represents an excellent fit for our HealthCare business,” said Bayer CEO Marijn Dekkers.
($1 = €0.77)
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