BAYRY - Bayer to sell testosterone therapy Nebido to Grünenthal for up to Euro500M

• Bayer's ( OTCPK:BAYRY ) ( OTCPK:BAYZF ) is selling testosterone therapy Nebido to Germany-based Grünenthal for up to €500M.
• Nebido is used to treat  male hypogonadism (testosterone deficiency) and is available in over 80 countries since 2004. The drug generated €117M in sales in 2021, according to the company's July 14 press release.
• "This divestment is part of the ongoing transformation of our pharmaceuticals business, which focuses on key areas of healthcare innovation," said Marianne De Backer, member of the executive committee and EVP, head Strategy and Business Development & Licensing and Open Innovation, Pharmaceuticals division, Bayer.
• German conglomerate Bayer said Grünenthal will acquire the global rights to Nebido for €500M upfront, subject to closing adjustments, including the contract business in the U.S., where Endo Pharmaceuticals has licensed the drug as Aveed from Bayer.
• The transaction is expected to close by the end of 2022, subject to conditions, including approval by competition authorities.

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