Bayer AG in €4.2 Billion Sale of Diagnostics Division

June 29, 2006

Cleary Gottlieb represented Bayer AG in the €4.2 billion ($5.3 billion) sale of Bayer Healthcare’s diagnostics division to Siemens AG.

The sale is part of Bayer AG’s continuing effort to focus its healthcare businesses on pharmaceuticals and consumer products. Leverkusen, Bayer’s diabetes care division, and Schering’s diagnostic imaging business are not included in the sale. Bayer recently acquired Schering AG for $21.3 billion.

Bayer is a research-based global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer HealthCare AG researches, develops, manufactures and markets innovative products for disease prevention, diagnosis and treatment.