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Bayer to sell Nebido testosterone treatment in deal worth up to $500 million

Reuters
FILE PHOTO: Logo of Bayer AG is pictured at the annual results news conference of the German drugmaker in Leverkusen

BERLIN (Reuters) - Bayer is selling its testosterone treatment Nebido to German pharmaceutical firm Gruenenthal in a deal valued up to 500 million euros ($500.95 million), it said on Thursday.

The deal, which Bayer said would help it focus its Pharma business on key areas of future medical innovation, is expected to close by the end of 2022, according to the company.

($1 = 0.9981 euros)

(Writing by Miranda Murray, editing by Rachel More)