Apollo Global Management will invest €3 billion ($3.4 billion) for a minority stake in Bayer AG’s long-acting reversible contraceptives business.
The deal carves out the unit, which includes Mirena intrauterine systems, into a new entity. Bayer will retain a majority stake and full operational control of the business.
Bayer will use the capital infusion to strengthen its balance sheet and manage liquidity for bond maturities. The funds will also support ongoing litigation expenses related to the company's Roundup herbicide.
The transaction is expected to close in the third quarter of 2026.