Bayer gets €3 billion in Apollo deal for contraceptives unit

Bayer said on Friday it had secured €3 billion ($3.4 billion) in equity from Apollo-managed funds in a deal tied to its long-acting reversible contraceptives, or LARC, business, aiming to bolster its capital structure while preserving control.

Apollo funds and affiliates would take a minority, non-controlling stake in a new entity holding the LARC business, while Bayer keeps a majority stake and "complete operational control."

The business will remain part of the pharmaceuticals division's core operations and stay fully consolidated in group accounts, Bayer said.


Bayer Chief Financial Officer Judith Hartmann said the transaction was a "strategic financing solution" that would strengthen the balance sheet and enhance financial flexibility as the group manages "increased liquidity requirements this year related to bond maturities and litigation procedures."

The deal is expected to close in the third quarter of 2026, subject to antitrust approval and customary conditions, Bayer said.