FRANKFURT: German chemicals and pharmaceuticals giant Bayer said Monday it has agreed to buy US women's healthcare specialist Conceptus for $1.1 billion (852 million euros).
"Bayer intends to broaden its portfolio in the field of contraception. Bayer HealthCare LLC has therefore signed a merger agreement with Conceptus, Inc.," Bayer said in a statement.
California-based Conceptus developed the Essure procedure, a non-surgical permanent birth control method.
"With this acquisition, Bayer will be able to offer a complete range of short-term, long-term and permanent contraceptive choices for women," the German company said.
Bayer would launch a public tender offer "within the next ten business days to acquire all shares in Conceptus."
It said the transaction valued Conceptus at "approximately $1.1 billion or 852 million euros, representing $31.00 per share in cash."
The deal was subject to anti-trust approval in the US and was expected by mid 2013, Bayer said. (AFP)
