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Bayer exploring sale of dermatology business: Bloomberg

The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo

(Reuters) - German chemicals and crop pesticides firm Bayer AG BAYGn.DE is exploring the sale of its dermatology business to push forward its deal with Monsanto Co MON.N, Bloomberg reported, citing sources.

Bayer is working with JPMorgan Chase & Co JPM.N on the sale, which could fetch more than 1 billion euros ($1.12 billion), the report said. (bloom.bg/2cGiTXB)

Bayer said on Monday it was willing to offer more than $65 billion, a 2 percent increase on its previous offer for the world’s largest seeds company Monsanto.

The dermatology business could attract interest from existing makers of skincare products including Nestle SA's NESN.S Galderma, Allergan Plc AGN.N and Almirall SA ALM.MC, as well as private equity firms, according to the Bloomberg report.

Bayer and J.P. Morgan were not immediately available for comment.

Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta

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