Panasonic Healthcare Holdings, with the help of funds sponsored by the leading global investment firm KKR and the Panasonic Corporation, has completed the acquisition of the Diabetes Care business of Bayer Aktiengesellschaft (Bayer AG).
"We are honored to partner with such a world-class franchise and will support Ascensia Diabetes Care's efforts to deliver high-quality diabetes care products to customers worldwide," said Johannes Huth, Member & Head of KKR Europe, Africa and Middle East, along with Hiro Hirano, Member & CEO of KKR Japan.
The acquisition, which cost approximately ¥132 billion, or around $1.1 billion, will rebrand the Bayer Diabetes Care into Ascensia Diabetes Care.
"Our goal is to ensure high-quality technologies and diabetes care solutions are available to all patients who need them. Bringing together Panasonic Healthcare and Ascensia Diabetes Care will significantly help to achieve this goal," said Hidehito Kotani, President of Panasonic Healthcare. "Together with KKR, the companies will be able to serve more patients in more places across the globe with world-class products. We greatly look forward to expanding this business and innovating new solutions at this integral point in the diabetes care industry."
According to the press release of Panasonic Healthcare in Business Wire, Ascensia Diabetes Care will operate as a stand-alone company that provides high-quality solutions and precision tools to serve the needs of people with diabetes.
"We are excited to launch as Ascensia Diabetes Care and continue to be a trustworthy provider of reliable, high-performance solutions that could make a positive, daily difference for people with diabetes. This is a unique and exciting opportunity for us to expand our business and better serve our patients, customers and partners worldwide," said Michael Kloss, Chief Executive Officer of Ascensia Diabetes Care. "Panasonic Healthcare has been a pioneer in the development of key diabetes care products, and we are thrilled to work together with them to introduce new and innovative technologies that enhance the lives of patients living with diabetes. We are focused on moving forward into an exciting future and continuing to play a leading role in the diabetes care industry."
