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Bayer plans sale of $2.5bn diabetes device business

Germany-based Bayer is, reportedly, planning to sell its diabetes device business, which could be valued at $2.5bn for the company.

People familiar with the matter were quoted by Bloomberg as saying that the company intends to sell the business unit, in a bid to focus on health sectors.

Credit Suisse Group is supporting the Bayer on the potential sale of the business and private-equity firms such as Cinven, EQT Partners, KKR & Co and Triton Advisers may bid for the unit, reports the news agency.

Reports also emerged that Bayer CEO Marijn Dekkers is divesting peripheral units to focus more on life-sciences businesses.

In May, the company agreed to acquire over-the-counter drug business from Merck for $14.2bn.

Representatives from the companies related to the deal declined to comment on the matter.