Bayer explores sale of dermatology business worth over $1.12 bn

German chemicals and drugmaker Bayer AG is exploring the sale of its dermatology business, Bloomberg yesterday reported, citing sources.

Bayer is working with JPMorgan Chase & Co to assist in the sale, which could fetch more than €1 billion ($1.12 billion), the report said.

The move comes a few days after Leverkusen-based Bayer said that its negotiations with the world's largest seeds company Monsanto Co has entered an advanced stage and it is now willing to offer over $65 billion. (See: Bayer raises offer for Monsanto to $127.50 a share as talks advance) The dermatology business could attract interest from existing makers of skincare products including Nestle SA's Galderma, Allergan Plc and Almirall SA, as well as private equity firms, the report added.

Bayer had in 2006 acquired Intendis Inc and its dermatological portfolio and subsequently changed its name to Bayer HealthCare.

Bayer HealthCare's dermatology unit specialises solely in dermatology. It is headquartered in Berlin, and was founded in 2005 as a subsidiary of Schering AG, Germany.

In 2015, Bayer restructured its operations and included allergies, cardiovascular risks and dermatology under its consumer health division.