Private equity firm Apollo has spent €3 billion buying an undisclosed but likely substantial minority stake in German multinational pharma company Bayer’s contraceptives business, which sells intrauterine devices (IUDs). This part of the business, which accounts for just 3% of Bayer’s total revenue, will be held in a newly established entity which Bayer will retain full control over. Given Bayer’s current market cap of around €45.8 billion, Apollo’s acquisition amounts to about 6.6% of the company’s total number of shares.
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