Panasonic Healthcare Holdings has completed the acquisition of German diabetes care business Bayer for JPY132bn (€1bn).

The companies entered a definitive agreement for the business in June 2015.

The new standalone Diabetes Care business, which is named Ascensia Diabetes Care Holdings with headquarters in Basel, Switzerland, will provide enhanced solutions and precision tools to treat people with diabetes.

Panasonic Healthcare together with Ascensia will develop, manufacture, market and sell blood glucose monitoring meters and strips to treat diabetes patients in more than 125 countries.

Panasonic Healthcare president Hidehito Kotani said: "Our goal is to ensure high-quality technologies and diabetes care solutions are available to all patients who need them.

"Bringing together Panasonic Healthcare and Ascensia Diabetes Care will significantly help to achieve this goal.

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"Our goal is to ensure high-quality technologies and diabetes care solutions are available to all patients who need them."

"Together with KKR, the companies will be able to serve more patients in more places across the globe with world class products."

Ascensia will produce a wide range of products, including the Contour portfolio of blood glucose meters. The acquired business also produces other products such as Breeze 2, Elite, Entrust and Microlet lancing devices.

Ascensia Diabetes Care CEO Michael Kloss said: "We are excited to launch as Ascensia Diabetes Care and continue to be a trustworthy provider of reliable, high-performance solutions that could make a positive, daily difference for people with diabetes.

"This is a unique and exciting opportunity for us to expand our business and better serve our patients, customers and partners worldwide."

Ascensia Diabetes Care has a strong pipeline and will continue to invest in research and development of new products that will help to improve patient care.

Panasonic Healthcare Holdings, through its subsidiary, produces medical equipment such as self-monitoring blood glucose systems and is also involved in medical IT businesses.

Image: The blood glucose monitoring systems of Bayer Diabetes Care. Photo: courtesy of Bayer Healthcare Germany.