Bayer HealthCare LLC, a subgroup of German pharmaceutical company Bayer AG, announced Monday plans to buy California-based birth control manufacturer Conceptus, Inc. for approximately $1.1 billion.
Conceptus' flagship product is the Essure® procedure, a non-surgical permanent birth control method sold in the United States and other countries.
According to Bayer, the acquisition allows it to offer a complete range of short-term, long-term and permanent contraceptive choice for women.
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“Bayer is committed to augmenting its organic growth with strategic bolt-on acquisitions. The acquisition of Conceptus represents an excellent fit for our HealthCare business – specifically in the United States, the world’s most important health care market,” said Dr. Marijn Dekkers, CEO of Bayer AG.
Conceptus, Inc. generated net sales of $141 million for its fiscal year 2012.
