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Bayer (BAYRY) to Divest a Business Unit to Cinven for $2.6B
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Bayer AG (BAYRY - Free Report) announced that it has entered into a definitive agreement to sell its Environmental Science Professional business unit to the international private equity firm, Cinven, for $2.6 billion (approximately €2.4 billion).
The transaction is expected to close in the second half of 2022, subject to customary closing conditions.
With this divestment, Bayer is looking to focus on its core agricultural business and implement a successful Crop Science division growth strategy. The company is looking to use the net proceeds from the sale to reduce its debt burden.
In February 2021, Bayer announced that it intends to sell off its Environmental Science Professional business unit.
Headquartered in North Carolina, Bayer’s Environmental Science Professional business is a global leader in a critical industry, and offers an array of environmental solutions. The business had around 800 employees in 2021, with operations and sales in more than 100 countries.
Shares of Bayer have rallied 12.5% so far this year against the industry’s decrease of 3.1%.
Image Source: Zacks Investment Research
Bayer has witnessed solid growth in its Crop Science division’s business in 2021. Sales in this division increased 11.1% to €20.21 billion (Fx&portfolio adj.). The division saw significant sales growth across all regions, especially in Latin America and Asia/Pacific.
In a separate press release, Bayer announced that it has submitted an application to the Japanese Ministry of Health, Labor and Welfare for the label expansion of its oral androgen receptor inhibitor (ARi), Nubeqa (darolutamide). The application is seeking marketing authorization for darolutamide in combination with docetaxel and androgen deprivation therapy ("ADT") for the treatment of patients with prostate cancer with distant metastasis in the country.
Darolutamide is currently approved under the brand name Nubeqa for the treatment of patients with non-metastatic castration-resistant prostate cancer (nmCRPC) who are at high risk of developing metastatic disease. The drug is approved in more than 60 countries, including the United States, the European Union countries, Japan and China, for the said indication.
The label expansion filling in Japan was based on positive data from the pivotal phase III ARASENS study. Data from the same showed that treatment with darolutamide plus docetaxel and ADT led to a statistically significant improvement in the overall survival of men with mHSPC.
Similar filings on darolutamide for the indication of mHSPC have also been made in the United States and Europe.
Image: Bigstock
Bayer (BAYRY) to Divest a Business Unit to Cinven for $2.6B
Bayer AG (BAYRY - Free Report) announced that it has entered into a definitive agreement to sell its Environmental Science Professional business unit to the international private equity firm, Cinven, for $2.6 billion (approximately €2.4 billion).
The transaction is expected to close in the second half of 2022, subject to customary closing conditions.
With this divestment, Bayer is looking to focus on its core agricultural business and implement a successful Crop Science division growth strategy. The company is looking to use the net proceeds from the sale to reduce its debt burden.
In February 2021, Bayer announced that it intends to sell off its Environmental Science Professional business unit.
Headquartered in North Carolina, Bayer’s Environmental Science Professional business is a global leader in a critical industry, and offers an array of environmental solutions. The business had around 800 employees in 2021, with operations and sales in more than 100 countries.
Shares of Bayer have rallied 12.5% so far this year against the industry’s decrease of 3.1%.
Image Source: Zacks Investment Research
Bayer has witnessed solid growth in its Crop Science division’s business in 2021. Sales in this division increased 11.1% to €20.21 billion (Fx&portfolio adj.). The division saw significant sales growth across all regions, especially in Latin America and Asia/Pacific.
In a separate press release, Bayer announced that it has submitted an application to the Japanese Ministry of Health, Labor and Welfare for the label expansion of its oral androgen receptor inhibitor (ARi), Nubeqa (darolutamide). The application is seeking marketing authorization for darolutamide in combination with docetaxel and androgen deprivation therapy ("ADT") for the treatment of patients with prostate cancer with distant metastasis in the country.
Darolutamide is currently approved under the brand name Nubeqa for the treatment of patients with non-metastatic castration-resistant prostate cancer (nmCRPC) who are at high risk of developing metastatic disease. The drug is approved in more than 60 countries, including the United States, the European Union countries, Japan and China, for the said indication.
The label expansion filling in Japan was based on positive data from the pivotal phase III ARASENS study. Data from the same showed that treatment with darolutamide plus docetaxel and ADT led to a statistically significant improvement in the overall survival of men with mHSPC.
Similar filings on darolutamide for the indication of mHSPC have also been made in the United States and Europe.
Zacks Rank & Stocks to Consider
Bayer currently carries a Zacks Rank of #3 (Hold). Top-ranked stocks in the healthcare sector include Innoviva, Inc. (INVA - Free Report) , Collegium Pharmaceutical, Inc. (COLL - Free Report) and Assertio Holdings, Inc. (ASRT - Free Report) , all sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Innoviva’s earnings estimates have been revised 20.5% upward for 2022 over the past 60 days. The INVA stock has increased 7.5% in the past year.
Earnings of Innoviva have surpassed estimates in each of the trailing four quarters.
Collegium Pharmaceutical’s earnings estimates have been revised 50% upward for 2022 over the past 60 days.
Earnings of Collegium Pharmaceutical have surpassed estimates in one of the trailing four quarters and missed the same on the other three occasions.
Assertio’s earnings estimates have been revised 75% upward for 2022 over the past 60 days. The ASRT stock has gained 13.8% year to date.
Assertio’s earnings have surpassed estimates in two of the trailing four quarters and missed the same on the other two occasions.