Bayer to Buy Conceptus in $1.1B Birth Control Deal

The deal could close later this year if regulators approve

   

bayerlogo 294x300 Bayer to Buy Conceptus in $1.1B Birth Control DealShares of Conceptus (NASDAQ:CPTS) surged almost 20% in Monday morning trading after Bayer AG (PINK:BAYRY) said it would buy the birth control products maker.

The German pharmaceutical giant is offering $31 a share for Conceptus, valuing the acquisition at $1.1 billion, the Associated Press noted.

pills 200x200 Bayer to Buy Conceptus in $1.1B Birth Control Deal
Amgen May Have Hit With Migraine Drugs

Not surprisingly, Conceptus shares jumped to just under $31 a share. The California-based company produces a permanent contraceptive treatment under the brand name Essure. The treatment uses metal and polyester bands to constrict a woman’s fallopian tubes, preventing pregnancy.

Regulators will have to approve the deal.

The purchase would add to Bayer’s existing range of contraceptive products. Conceptus has a workforce of roughly 300. The companies expect to finalize the merger later this year.

In November, Bayer acquired Utah-based vitamin producer Schiff Nutrition International for $1.1 billion.

Shares of Bayer rose fractionally in over-the-counter trading on Monday.


Article printed from InvestorPlace Media, http://investorplace.com/2013/04/bayer-to-buy-conceptus-in-1-1b-birth-control-deal/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.