Bayer to acquire Conceptus for about $1.1 billion

29 April 2013

German drugs and chemical major Bayer (BAYN: DE) has signed an agreement to acquire Conceptus (Nasdaq: CPTS), the California, USA, based developer of the Essure procedure, the leading non-surgical permanent birth control method, which is sold in the USA and other countries.

The transaction values Conceptus at around $1.1 billion, representing $31.00 per share in cash,, a 20% premium to Conceptus’ closing price on April 26. Closing of the transaction is subject to customary conditions, in particular anti-trust approval in the USA, and is expected by mid-year 2013.

With this acquisition, Bayer will be able to offer a complete range of short-term, long-term and permanent contraceptive choices for women. Within the next 10 business days, Bayer will launch a public tender offer to acquire all shares in Conceptus.

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