Panasonic Healthcare Holdings has completed the acquisition of diabetes care business from Bayer, for around €1bn (JPY132bn).
The deal was first announced by both firms in June 2015.
The acquired business will be operated as a stand-alone company with the name of Ascensia Diabetes Care, offering enhanced solutions and precision tools to treat people with diabetes.
Panasonic Healthcare, along with Ascensia, will develop, manufacture, market and sell blood glucose monitoring meters and strips to treat diabetes patients in around 125 countries.
Ascensia will produce a wide range of products, including Contour portfolio of blood glucose meters. It will also involve in the development of new products for patients.
The business also produces other products such as Breeze 2, Elite, Entrust and Microlet lancing devices.
Panasonic Healthcare president Hidehito Kotani said: "Our goal is to ensure high-quality technologies and diabetes care solutions are available to all patients who need them.
"Bringing together Panasonic Healthcare and Ascensia Diabetes Care will significantly help to achieve this goal."
Ascensia Diabetes Care CEO Michael Kloss said: "We are excited to launch as Ascensia Diabetes Care and continue to be a trustworthy provider of reliable, high-performance solutions that could make a positive, daily difference for people with diabetes."
Panasonic Healthcare Holdings, through its subsidiary, produces medical equipment such as self-monitoring blood glucose systems. It is also involved in medical IT businesses.
Image: Bayer’s Contour Next devices. Photo: courtesy of Bayer HealthCare Germany.