German drug giant Bayer is halting efforts to sell its blood glucose meter business, at least for now, unable to find a buyer willing to meet its asking price, Financial Times Deutschland reports.
Bayer declined to comment to the newspaper, but industry sources said the company was struggling to find bidders for the unit, which pulls in about $1.3 billion in sales each year. FTD estimates the business to be worth between $1.3 billion and $2.6 billion.
Back in May, Reuters reported that Bayer was shopping the unit, citing undisclosed sources who said the company wanted to divest from medical devices and focus on areas offering more synergy with its pharma business.
Bayer had retained Credit Suisse to organize an auction for the unit, FTD reports, and it may put its meter business back up for sale in the future if it can round up bidders willing to pony up.