Bayer HealthCare Acquires Western OTC Cough and Cold Business of Topsun Science and Technology
Bayer HealthCare (BHC) and Topsun Science and Technology Co., Ltd. together announced that BHC's Consumer Care Division has signed an agreement in China to acquire the Western over-the-counter (OTC) cough and cold portfolio of Topsun Science and Technology Qidong Gaitianli Pharmaceutical Co., Ltd. for the consideration of RMB 1,072 million (approximately EUR 103 million) plus contingent payments of RMB 192 million (approximately EUR 19 million) subject to fulfilment of certain performance criteria.
This acquisition shall substantially increase Bayer Consumer Care's presence in China, one of the fastest growing OTC markets in the world. The transaction, which is now subject to the necessary regulatory approvals, will include the transfer of personnel and assets related to the acquired business, including the Gaitianli manufacturing facility in Qidong City, JiangSu Province, and a national sales force and distribution network associated with the brands. The transferred employees and assets will become part of Bayer Healthcare China Ltd. and operate within the Consumer Care Division upon receiving the required approvals.
Arthur Higgins, Chairman of Bayer HealthCare said, "With this transaction Bayer HealthCare follows its global strategy to strengthen our OTC business, and at the same time our presence in China, one of the fastest-growing OTC markets. We're delighted to have found such an attractive local opportunity to further strengthen our business."
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