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The proposed transaction includes the Contour portfolio of blood glucose monitoring meters and strips, as well as other products such as Breeze 2, Elite and Microlet lancing devices.

Tokyo-based Panasonic Healthcare is 80% owned by the US private equity group KKR, while Panasonic holds the remaining 20% stake.

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Bayer board of management member Werner Baumann said: "We are confident that the sale of our Diabetes Care business to our long-standing partner Panasonic Healthcare, with the strong backing of KKR, will support the long-term sustainability of this portfolio."

"Bayer’s Diabetes Care business manufactures blood glucose monitoring systems, lancing devices and diabetes management software, and reported sales of €909m in 2014, with Contour as the principal product portfolio."

KKR Europe, Africa and Middle East head Johannes Huth and KKR Japan CEO Hiro Hirano said in a joint statement: "Together, we will leverage our experience and network to create a global diabetes care solutions powerhouse in an effort to make this a transformational transaction for the diabetes care industry."

Bayer’s Diabetes Care business manufactures blood glucose monitoring systems, lancing devices and diabetes management software, and reported sales of €909m in 2014, with Contour as the principal product portfolio.

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Featuring Contour Next, Contour Plus, Contour and Contour TS, the portfolio is designed to address requirements of all patients irrespective of type of diabetes, stage of disease or testing frequency.

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Other products include Breeze 2, Brio, Entrust, as well as Elite and Microlet lancing devices.

Subject to customary conditions, including relevant anti-trust clearance, the transaction is expected to close in the first quarter of 2016.

Image: Bayer’s blood glucose monitoring systems are designed to meet the needs of diabetic patients regardless of type and stage of the disease. Photo: courtesy of Bayer AG.