Bayer and Aventis Sign Letter of Intent on Joint Venture of Blood Plasma Business

Substantial boost planned for the Health Care business:

21-Feb-2002

Leverkusen - Bayer AG and Aventis have signed a non-binding letter of intent to establish a joint venture for biological products. The companies plan to combine Bayer's Biological Products Business Group with the Aventis subsidiary Aventis Behring, with Bayer owning a substantial majority interest — and having operational control — in the joint venture. Included are the marketing rights to Factor VIII products that will continue to be manufactured by Bayer using genetic engineering techniques: Kogenate® FS, KOGENATE® Bayer and Helixate® FS/Nexgen®. Bayer will have the option of acquiring the remaining interest at a later date. The implementation of these plans is conditional upon due diligence, the negotiation of a final agreement, and approval by the boards of both companies and regulatory authorities.

"This agreement is a major step for us in expanding our activities in health care, particularly with regard to establishing a healthcare company," explained Dr. Manfred Schneider, chairman of Bayer's Board of Management. "We hope that the planned joint venture will sustainably enhance the performance of our strategically important Biological Products business. Combining the strengths of both partners is the key to success. A major consideration also is that this partnership has the potential to optimize the supply of often life-saving products to patients."

"By combining these businesses, which have a strong strategic fit, we expect to create a more efficient organization committed to patient needs," said Dr. Gunnar Riemann, General Manager of Bayer's Biological Products Business Group. "Furthermore, the new company has great innovative potential in quality assurance, manufacturing capacity and product technologies."

After the agreement has been finalized, Dr. Gunnar Riemann and Dr. Ruedi Waeger, chief executive officer of Aventis Behring, will jointly oversee the integration process of the two companies and hold leadership positions in the new company.

https://www.chemeurope.com/en/news/8654/bayer-and-aventis-sign-letter-of-intent-on-joint-venture-of-blood-plasma-business.html