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Tuesday, November 25, 2014

Bayer resumes efforts to sell diabetes device unit - sources, (NYSE: SNY)

German drugmaker Bayer AG is considering a fresh attempt to sell its diabetes device business as it sharpens its focus on margin-rich healthcare sectors, two people familiar with the matter told Reuters on Tuesday.Bayer is overhauling its structure with plans to list its plastics business on the stock market to free up money for investments and acquisitions in healthcare, veterinary drugs and crop protection products.It already tried to find a buyer for the Contour blood glucose metre business, which has annual sales of 722 million euros ($897 mln), in 2012 as the industry grappled with increased competition and reimbursement pressure.But it failed to generate sufficient interest from potential bidders such as French drugmaker Sanofi, sources said at the time.

Sanofi, formerly Sanofi-Aventis is a global and diversified healthcare company. Shares of SNY traded higher by 0.34% or $0.16/share to $47.31. In the past year, the shares have traded as low as $44.50 and as high as $57.42. On average, 2133150 shares of SNY exchange hands on a given day and today's volume is recorded at 2004754.