LEO Pharma to purchase dermatology unit from Bayer

German pharma major Bayer (BAYN: DE) announced on Tuesday that it intends to sell its portfolio of prescription dermatological products to LEO Pharma.

The Danish company, privately held by the non-profit LEO Foundation, is a noted skincare specialist and the acquisition of Bayer's portfolio in this area will complement its existing products seamlessly, though it misses out on some of Bayer's over-the-counter products including Canesten (clotrimazole).

"We are very excited about this agreement. With the strong prescription dermatology brands and the new colleagues from Bayer, LEO Pharma advances significantly towards our goal of helping 125 million patients by 2025. We will broaden our treatment range and considerably enhance our size in key markets around the world – underlining our ambition to be a preferred partner in medical dermatology," said Gitte Aabo, president and chief executive of LEO Pharma.