By Joshua Kirby

 

Bayer AG said Thursday that it has reached an agreement to sell a testosterone-deficiency treatment to pharmaceutical company Gruenenthal for up to 500 million euros ($503 million).

The treatment, Nebido, is for male hypogonadism and is available in over 80 countries, the German conglomerate said. Last year, Nebido contributed sales of EUR117 million to group revenue, Bayer said.

The transaction should be completed by the end of the year, subject to approvals, the company said.

"This divestment is part of the ongoing transformation of our pharmaceuticals business, which focuses on key areas of healthcare innovation," Marianne De Backer, head of strategy and business development at Bayer's pharmaceuticals division, said. "Its proceeds will support investments in future innovation and bring forward transformative treatment options for patients," she said.

 

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

 

(END) Dow Jones Newswires

July 14, 2022 02:32 ET (06:32 GMT)

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