Bayer Secures 3.0 Billion Euros To Improve Capital Structure
10 July 2026, Leverkusen: Bayer has secured 3.0 billion euros in equity capital to improve its capital structure. The company signed a respective agreement with the global asset management firm Apollo on Friday. Under the agreement, Apollo-managed funds and affiliates will obtain a minority, non-controlling stake in a newly established entity holding Bayer’s long-acting reversible contraceptives (LARC) business. Bayer will retain a majority stake in the entity and will continue to exercise complete operational control over the business. There will be no changes to the LARC strategy or business activities as a result of the investment. The LARC activities will continue to form part of the Bayer Pharmaceuticals Division’s core business, and the entity will remain fully consolidated in the Consolidated Financial Statements of the Bayer Group.
“This transaction represents a strategic financing solution that strengthens our capital structure while preserving full operational control over this core pharmaceuticals business,” said Bayer CFO Dr. Judith Hartmann. “It enhances our financial flexibility as we manage increased liquidity requirements this year related to bond maturities and litigation procedures, while continuing to execute our long-term priorities.”
Apollo Partner Jamshid Ehsani said, “We are proud to invest in the LARC business of Bayer, a global life sciences leader and an iconic German company. This transaction reflects the core purpose of Apollo’s High Grade Capital Solutions platform – providing large, flexible, and bespoke capital to blue-chip corporations — enabling Bayer to strengthen its balance sheet while retaining full operational control over a core business.”
The transaction is expected to close in the third quarter of 2026, subject to approval by antitrust authorities and customary closing conditions. Bayer was advised by BofA Securities and Deutsche Bank (financial advisors), as well as Linklaters LLP (legal advisor). Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and NautaDutilh N.V. are legal counsel to the Apollo Funds.
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