Bayer has agreed to sell Nebido (testosterone undecanoate), its men’s health product, to German pharma company Grünenthal for a price of up to €500 million.

Nebido, which is used for treating male hypogonadism (testosterone deficiency), is available in more than 80 countries since 2004. Last year, the men’s health product contributed €117 million in sales to Bayer’s overall sales of over €44 billion.

Marianne De Backer — Bayer Pharmaceuticals Division Head of Strategy and Business Development and Licensing and Open Innovation, said: “This divestment is part of the ongoing transformation of our pharmaceuticals business, which focuses on key areas of healthcare innovation.

“Its proceeds will support investments in future innovation and bring forward transformative treatment options for patients.”

Grünenthal will purchase the global product rights to Nebido for an upfront amount of up to €500 million. The rights to be acquired include the contract business in the US where Endo Pharmaceuticals has licensed the male hypogonadism treatment under the brand Aveed from Bayer.

The deal, which is subject to approval from competition authorities and other conditions, is expected to close by the end of this year.

  Aveed, Bayer, Endo Pharmaceuticals, Germany, Grünenthal, male hypogonadism, Marianne De Backer, Nebido, testosterone undecanoate