FRANKFURT, July 17 (Reuters) - Switzerland’s Novartis and German investment company BWK are selling their stakes in medical skin patch maker LTS Lohmann to fellow shareholder Dievini Hopp BioTech, having failed to find a third-party buyer for the business.
BWK said on Thursday Dievini would hold 95 percent of shares in LTS Lohmann following the transaction, without disclosing financial details.
Sources told Reuters in March that Germany’s Evonik Industries AG had dropped out of talks to buy LTS Lohmann, sending the sellers back to square one in their search for a buyer.
LTS Lohmann, which competes with unlisted AMW GmbH, Beiersdorf’s Tesa Labtec unit, Acino, and U.S. conglomerate 3M, generates more than 300 million euros ($406 million) in annual sales from nicotine and other medical patches to treat conditions including Parkinson’s disease and Restless Legs Syndrome.
$1 = 0.7394 Euros Reporting by Maria Sheahan, editing by Thomas Atkins