August 7, 2015
Panasonic Healthcare Holdings, Co., Ltd.
- Ascensia Diabetes Care has been chosen to be the name for the new stand-alone company that will be formed from the diabetes care business that Panasonic Healthcare has agreed to acquire from Bayer AG
- Agreement between Panasonic Healthcare and Bayer first announced in June 2015
- Deal to acquire the business remains on track for close in Q1 2016
Tokyo, August 7, 2015 −Panasonic Healthcare Holdings, Co., Ltd. (“PHCHD”) today announced that Ascensia Diabetes Care has been chosen as the new name for the stand-alone company that is being formed from the Diabetes Care business it has agreed to acquire from Bayer Aktiengesellschaft (“Bayer AG”). PHCHD will be making necessary registrations and filings with the new company name to ensure business continuity upon closing of the acquisition.
The new name follows the announcement in June 2015 that PHCHD, a company backed by funds sponsored by leading global investment firm Kohlberg Kravis Roberts & Co. (“KKR”) and Panasonic Corporation, entered into a definitive agreement to acquire the Diabetes Care business from Bayer AG.
Today’s announcement of the new company name is an important step on the transformative journey for this business. Once this deal has closed, Ascensia Diabetes Care will be home to world-renowned brands, a legacy of firsts in the diabetes community, and an existing and growing portfolio of products that will continue to innovate and lead the way in this field.
The Ascensia name has historical significance for the Diabetes Care business, as the products in the portfolio, including the flagship ContourTM brand, were previously marketed under the Ascensia banner around the world.
The name Ascensia Diabetes Care was chosen as a way to connect to the business’ accomplishments of the past and bridge to the future vision of providing diabetes care solutions that are innovative, optimistic and committed to improving the health and lives of patients.
Under the terms of the agreement, PHCHD has agreed to acquire the Bayer Diabetes Care business for EUR 1,022 million (approximately ¥138 billion at the exchange rate of EUR1=¥135). The company expects to close the transaction in the first quarter of 2016, subject to customary closing conditions, including relevant antitrust clearance.
About Panasonic Healthcare Holdings Co., Ltd.
Established in 2014, Panasonic Healthcare Holdings Co., Ltd. (shareholder structure: KKR 80%; Panasonic Corporation 20%) is involved in developing, manufacturing, selling and servicing medical equipment through its subsidiary Panasonic Healthcare Co., Ltd. It seeks to strengthen its core businesses, In Vitro Diagnostics including self-monitoring of blood glucose systems, its Medicom businesses involved in medical IT businesses and its life sciences based Biomedical business and to continue to pursue an important role in the provision of optimal healthcare for all. For further information on Panasonic Healthcare please visit http://www.panasonic-healthcare.com/jp/phchd/
President: Kenji Yamane
Headquarters: Minato-ku, Tokyo, Japan
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com
ContourTM is the trademark of Bayer HealthCare LLC.