Bayer confirmed on Friday morning that it has struck an agreement with Apollo Global Management providing €3 billion in equity financing. The transaction is structured around a non-controlling stake in Bayer's Long Acting Reversible Contraceptives business.
Under the terms described by the companies, the LARC operations will be carved out into a distinct entity. Bayer will continue to exercise full operational and strategic control of the business despite the external investment. The precise breakdown of ownership and other specifics of the equity arrangement have not been made public.
The cornerstone product within the LARC portfolio is the Mirena family. Mirena is presented as a long-duration contraceptive option capable of providing up to eight years of pregnancy protection. According to the figures disclosed, Mirena delivered sales of €1.37 billion in 2025.
Goldman Sachs has offered an initial assessment of the deal, calling the financial implications for Bayer broadly neutral. The bank also highlighted the transaction as an example of management adopting an open and creative approach to strengthening the company's balance sheet.
The transaction combines a significant capital infusion with a structure that preserves Bayer's control over the business operations and strategy. While the investment brings outside equity into the unit, the non-controlling nature of the stake means operational authority remains with Bayer.
Several elements of the arrangement remain unspecified in public statements. The lack of detail on the ownership structure and other contractual arrangements leaves certain questions open about how governance and future financial reporting will be managed for the newly constituted LARC entity.
This deal centers on a core commercial asset in women’s health and represents a targeted financing approach rather than a full divestiture. Bayer's decision to maintain strategic oversight while accessing capital through an external investor reflects management's chosen route for addressing balance-sheet priorities.