Is Bayer selling its diabetes device business to focus on pharma?

Bayer is reported to be considering the sale of its diabetes device business in favour of a focus on faster-growing medicines, according to Bloomberg, which cites “people with knowledge of the matter” as its source.

Bloomberg says that its sources say Credit Suisse Group has been engaged by the science giant to find a buyer.

Potential buyers could include the likes of Cinven Ltd., EQT Partners AB, KKR & Co. (KKR) and Triton Advisers Ltd., in deals that could fetch between one to two billion euros.

In May Bayer announced plans to buy Merck & Co.’s over-the-counter drug business, and CEO Marijn Dekkers has also has expressed interest in the veterinary field.

“It probably would be better to concentrate on their growth business, which is the pharma pipeline and the animal-health business,” said Ulle Woerner, an analyst at Landesbank Baden-Wuerttemberg in Stuttgart, Germany. “It’s going to be hard to sell it at a good price.”

Bayer’s diabetes devices include the blood-glucose meter Contour.