Bayer buys China-based Topsun's OTC business for $136M

German drug major Bayer AG's Consumer Care Division has signed an agreement to acquire the western over-the-counter cough and cold portfolio of China's Topsun Science and Technology Qidong Gaitianli Pharmaceutical for 1.07 billion renminbi ($135.7 million) plus contingent payments of 192.0 million renminbi.

According to Bayer, the deal will substantially increase its presence in China, one of the world's fastest-growing OTC markets. The transaction, which is now subject to the necessary regulatory approvals, will include the transfer of personnel and assets related to the acquired business, including the Gaitianli manufacturing facility in Qidong City, JiangSu Province, and a national sales force and distribution network associated with the brands. The transferred employees and assets will become part of Bayer Healthcare China and operate within the Consumer Care Division, upon receiving the required approvals.