Latham & Watkins Advises Apollo on €3 Billion Investment in Bayer's Long‑Acting Reversible Contraceptives Business

Bayer has secured €3 billion in equity capital to improve its capital structure. The company signed a respective agreement with the global asset management firm Apollo. Latham & Watkins LLP has advised Apollo in this transaction.

Under the agreement, Apollo‑managed funds and affiliates will acquire a minority, non‑controlling stake in a newly established entity holding Bayer’s long‑acting reversible contraceptives (LARC) business. Bayer will retain a majority stake in the entity and will continue to exercise complete operational control over the business.

The transaction is expected to close in the third quarter of 2026, subject to approval by antitrust authorities and customary closing conditions.

Latham & Watkins regularly advises Apollo on transactions.

The Latham team was led by Frankfurt Private Equity partners Otto von Gruben, Dominik Waldvogel, and Christina Mann, with New York partner Gary Boss and associates Ivo Wanwitz, Antanas Grimalauskas, and Philipp Haubold. Advice was also provided on litigation matters by Frankfurt partner Alena McCorkle and Chicago partners Sean Berkowitz and Johanna Spellman, with associate Blake Stafford; on antitrust matters by Frankfurt partner Max Hauser, with counsel Nils Bremer and associates Kamilla Zembala and Enno Mensching; on healthcare and life sciences matters by Hamburg partner Christoph Engeler, with associates Daniel Machado and Meryl Bartlett; on tax matters by Hamburg partners Tobias Klass and Verena Seevers, with associate Michael Yu; on restructuring matters by Frankfurt partner Daniel Splittgerber, with associate Marcel Endrich; on IP matters by Frankfurt partner Susan Kempe‑Müller, with associate Johannes Huschka; and on regulatory matters by Frankfurt partner Joachim Grittmann.