Bayer focuses on core products
This article was originally published in The Tan Sheet
Bayer will retain rights to its Factor VIII hemophilia treatment Kogenate under an agreement to spin off its plasma products business to NPS Biotherapeutics. The divestiture is part of Bayer's effort to restructure itself into a mid-sized pharma company focused on oncology, OTCs and blood products. Under the $590 mil. agreement, Bayer will receive cash, a 10% equity in NPS, retention of selected capital items and contingent payments of up to $60 mil.; the deal is expected to close in the first half of 2005. Kogenate represents approximately half of Bayer's plasma products business, which also includes Polyglobin, Gamimune, Gamunex and Prolastin. NPS is a newly formed corporation controlled by venture capital firms Cerberus Capital Management and Ampersand Ventures...
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