Bayer to sell its Dr. Scholl’s footcare brand to Yellow Wood Partner

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Bayer to sell its Dr. Scholl’s footcare brand to Yellow Wood Partner

Germany’s Bayer, headquartered in Leverkusen, the largest biotech company in the world, had agreed to a deal on Monday, the 22nd of July 2019, to sell its Dr. Scholl’s footcare brand to a US investment firm, Yellow Wood Partners at a $585 all-cash buyout deal, remarking the sale of Bayer’s second consumer care product the German biotech behemoth had put up for bids.

Bayer, the Leverkusen-based pharmaceutical and bioscience company, which had been facing off a bundle of lawsuits and billions in liabilities and punitive measures over an alleged cancer-causing effect of glyphosate containing weedkiller Roundup of Monsanto, a US-based pharmaceutical company which Bayer had bought last year, had been selling off stakes of some of its non-core businesses such as consumer care products in order to grapple with claims and liabilities of weedkiller lawsuit verdicts.

In fact, despite a revenue of about $234 million last year in sales, Bayer had sold its Dr. Scholl’s footcare brand, as it had sold another profitable consumer care business US sun care brand Coppertone to Nivea maker Beiersdorf at a $550 million deal on last May.

Following the reveal of the deal, a spokesman for Bayer had been quoted saying that the Boston-based Yellow Wood, which purchased Dr. Scholl’s footcare brand, would create a standalone company for the former Bayer-owned consumer care brand and the company had plans to invest more on to the business in order to propel up its profitability and growth.