拜耳(BAYRY)旗下长效可逆避孕业务引入阿波罗(APO)30亿欧元战略投资

金吾财讯
Jul 10

金吾财讯 | 德国制药巨头拜耳(BAYRY)官宣与私募巨头阿波罗(APO)旗下基金达成股权融资协议,针对旗下长效可逆避孕(LARC)业务完成 30 亿欧元(折合 34 亿美元)募资,拜耳牢牢守住业务主导权,同步优化集团资产负债表。交易架构方面,双方设立专属主体承接曼月乐等长效避孕资产,阿波罗及关联方仅获取无控制权少数股权,拜耳持有多数股份并保留完整经营决策权。该避孕板块依旧归属处方药事业部核心业务,财务报表全额并表,产品研发、全球渠道、定价策略均不受外部资本干预。拜耳 LARC 产品线市场需求稳健,近年全球销售额保持双位数增长,是集团女性健康板块稳定现金流来源。拜耳首席财务官朱迪思·哈特曼表示,本次融资属于轻量化战略财务方案,并非资产出售。2026 年公司面临大量债券到期、多起法律诉讼带来流动性消耗,这笔资金将有效增厚现金储备、提升财务弹性,缓解阶段性偿债与法务支出压力,无需大规模变卖核心优质资产。交易交割预计落在 2026 年第三季度,完成前提是顺利通过各国反垄断监管审查及常规交易审批流程。不同于行业常见的全盘出售、分拆上市路径,拜耳选择 “引资不分权” 模式,既盘活避孕业务资产价值、补充运营资金,又完整保留这条高增长管线长期收益,兼顾短期流动性纾困与长期产业布局。市场分析认为,该交易为大型药企优质现金流资产融资提供新范本,在不丧失业务控制权前提下引入私募长线资本,平衡降杠杆、债务管理与主业扩张多重目标。

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