Economics

Novartis Opens Animal Health Books to Bayer, Others

BY Reuters | | Comments (0)

Swiss drugmaker Novartis is ready to sell its animal health subsidiary and has opened its books to Bayer and other rivals interested in a business that could change hands for more than 3 billion euros ($4.1 billion), sources familiar with the matter told Reuters. 

Germany’s Bayer is seeking to bolster its position as a diversified life sciences company and made clear its interest in the animal health sector on Tuesday, though it faces competition from at least two rivals. 

Suitors including Bayer, Eli Lilly of the United States and Germany’s unlisted Boehringer are conducting due diligence assessments of the business, the financial sources said.

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