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Allen & Overy advises Bayer on the sale of Nebido™ to Grünenthal

Allen & Overy advises Bayer AG on the sale of its men’s health product Nebido™ (testosterone undecanoate) to Grünenthal for a purchase price totaling up to EUR 500 million.

Nebido™ for the treatment of male hypogonadism (testosterone deficiency) is available in over 80 countries since 2004. In 2021, Bayer achieved sales of EUR 117 million with this product.

Grünenthal will acquire the global product rights to Nebido™ for an upfront purchase price of up to 500 million Euro, subject to customary closing adjustments, including the contract business in the U.S, where Endo Pharmaceuticals has licensed the compound under the name Aveed from Bayer. The transaction is expected to close by the end of 2022, pending the satisfaction of customary closing conditions, including approval by the competition authorities.

This divestment is part of the ongoing transformation of Bayer’s pharmaceuticals business which focuses on key areas with high potential for the future. Its proceeds will support investments in future medical innovation and bring forward transformative treatment options for patients.

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. In fiscal 2021, the Group employed around 100,000 people and had sales of EUR 44.1 billion. R&D expenses before special items amounted to EUR 5.3 billion.

The Allen & Overy team is led by partner Dr Nicolaus Ascherfeld and counsel Dr Sebastian Remberg (Corporate/M&A) and comprises furthermore partners Dr Markulf Behrendt (Employment, all Hamburg), Dr Udo Herbert Olgemöller (Public Law, Frankfurt), Dr Jens Matthes (IP, Düsseldorf), counsel Marie-Luise von Buchwaldt (Corporate/M&A, Hamburg), senior associates Anna Kräling (IP/IT, Düsseldorf) and Stefanie Günther (Public Law, Frankfurt), associates Louisa Graubner, Kornelius Lotha (both Corporate/M&A) and Merle Herrmann (Employment) as well as transaction officer Dario Barbato (Corporate/M&A, all Hamburg).

Bayer is advised inhouse by senior legal counsel Lukas Delahaye, senior legal counsel Elske Henny and legal counsel Dr Judith Junk.