Bayer to buy US firm Conceptus for $1.1b

Frankfurt: German chemicals and pharmaceuticals giant Bayer said on Monday that it has agreed to buy US women’s healthcare specialist Conceptus for $1.1 billion (Dh4.04 billion).

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 10 business days to acquire all shares in Conceptus.”

It said the transaction valued Conceptus at “approximately $1.1 billion or €852 million, 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.