NEW YORK (TheStreet) -- Shares of Bayer (BAYRY) closed down on Thursday as the German chemical company is considering a sale of its $1.1 billion dermatology business, Bloomberg reports, citing sources.
Bayer is working with JPMorgan on the sale, which the company could choose to cancel at any point, the sources said. Bayer's dermatology unit includes products such as the eczema treatment Desonate and the rosacea medication Finacea.
The move comes as Bayer pursues an acquisition of the St. Louis-based agricultural company Monsanto (MON).
Earlier this week, Bayer upped its bid for Monsanto to $127.50 per share, or $56 billion, and offered to open its books so that Monsanto could conduct due diligence on its business.
A deal between Bayer and Monsanto would create the world's largest producer of seeds and pesticides.BAYRY data by YCharts