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Subsequent Events
Pending the approval of the antitrust authorities, Bayer HealthCare will acquire the over-the-counter (OTC) cough and cold portfolio of the Chinesebased Topsun group and integrate these activities into the Consumer Care Division. The purchase price is equivalent to €103 million plus contingent payments equivalent to a total of €19 million subject to fulfillment of certain performance criteria. This acquisition strengthens Bayer HealthCare’s presence in China, one of the fastest growing OTC markets. The agreement, which was signed in October 2006, includes the transfer of the Gaitianli manufacturing facility in Qidong City and a national sales force and distribution network. The portfolio to be acquired from Topsun delivered €32 million in sales in 2005 and notably includes the White & Black brand.
In October 2006 Bayer HealthCare signed an agreement with Regeneron Pharmaceuticals, a biopharmaceutical company based in Tarrytown, New York, concerning the development and commercialization of a new therapy for serious eye diseases. Known as the VEGF Trap-Eye, the development candidate is currently in Phase I and II clinical trials.
In October the European and U.S. antitrust authorities approved the acquisition of Bayer Diagnostics by Siemens.
On October 27, 2006, the domination and profit and loss transfer agreement between Bayer Schering GmbH (formerly Dritte BV GmbH) and Schering AG was entered in the commercial register.
Also in October 2006, Bayer MaterialScience agreed to acquire Taiwan’s Ure-Tech Group, the largest thermoplastic polyurethane (TPU) producer in the Asia-Pacific region. With this acquisition, we are expanding our position as a supplier and solutions provider for TPU resins. The deal is subject to approval by the antitrust authorities and is expected to be closed in the first quarter of 2007.
On November 23, 2006 we announced the sale of H.C. Starck to a consortium formed by financial investors Advent International and The Carlyle Group for approximately €1.2 billion. Closing is planned to take place at the beginning of 2007, subject to the approval of the antitrust authorities. The transaction value comprises a cash component of more than €700 million and the assumption of financial liabilities and personnel-related commitments totaling some €450 million. The divestment reduces Bayer’s net debt by about €1 billion.
On October 11, 2006, Reiner Hoffmann was named to the Supervisory Board of Bayer AG as an employee representative. He succeeds Dieter Schulte, who retired from the Bayer AG Supervisory Board on September 18, 2006.
In October 2006 Bayer HealthCare signed an agreement with Regeneron Pharmaceuticals, a biopharmaceutical company based in Tarrytown, New York, concerning the development and commercialization of a new therapy for serious eye diseases. Known as the VEGF Trap-Eye, the development candidate is currently in Phase I and II clinical trials.
In October the European and U.S. antitrust authorities approved the acquisition of Bayer Diagnostics by Siemens.
On October 27, 2006, the domination and profit and loss transfer agreement between Bayer Schering GmbH (formerly Dritte BV GmbH) and Schering AG was entered in the commercial register.
Also in October 2006, Bayer MaterialScience agreed to acquire Taiwan’s Ure-Tech Group, the largest thermoplastic polyurethane (TPU) producer in the Asia-Pacific region. With this acquisition, we are expanding our position as a supplier and solutions provider for TPU resins. The deal is subject to approval by the antitrust authorities and is expected to be closed in the first quarter of 2007.
On November 23, 2006 we announced the sale of H.C. Starck to a consortium formed by financial investors Advent International and The Carlyle Group for approximately €1.2 billion. Closing is planned to take place at the beginning of 2007, subject to the approval of the antitrust authorities. The transaction value comprises a cash component of more than €700 million and the assumption of financial liabilities and personnel-related commitments totaling some €450 million. The divestment reduces Bayer’s net debt by about €1 billion.
On October 11, 2006, Reiner Hoffmann was named to the Supervisory Board of Bayer AG as an employee representative. He succeeds Dieter Schulte, who retired from the Bayer AG Supervisory Board on September 18, 2006.
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