Divestitures in 2013
The effects of divestitures made in 2013 and previous years on the consolidated financial statements for 2013 are detailed below.
On June 1, 2013, MaterialScience sold its global powder polyester resins business and its U.S.-based liquid polyester resins merchant business to Stepan Company of Northfield, Illinois, United States. A purchase price of €45 million was agreed. The divestment gain of €42 million is reported under special items.
The Bayer Group received further revenue-based payments of €25 million in connection with the transfer of the hematological oncology portfolio to Genzyme Corp., United States, effected in May 2009.
The effects in 2013 of the above divestitures, an additional smaller divestiture and the payments received from Genzyme were as follows:
|€ million||€ million|
|Divested assets and liabilities|
|Property, plant and equipment||–||13|
|Other current assets||–||4|
|Assets held for sale||70||–|
|Divested net assets||71||12|
|Net cash inflow from divestitures||178||79|
|Divested net assets||(71)||(12)|
|Changes in future cash payments receivable||(103)||(25)|
|Net gain from divestitures (before taxes)||4||42|
Divestitures in 2012
On April 15, 2012, Bayer entered into an agreement to sell all PET tracer substances to Piramal Imaging SA., Switzerland. This transaction includes the PET tracer florbetaben, which is currently in development for the detection of Alzheimer’s disease, the most common form of dementia. Revenue-based milestone and royalty payments were agreed upon.
The agreement with Genzyme Corp., United States, announced in March 2009, comprised the transfer of the hematological oncology portfolio to Genzyme, which was effected in May 2009. We also agreed to transfer the production site for Leukine after final inspection by the U.S. Food and Drug Administration (FDA). This inspection took place in March 2012. The agreement concerning the sale of the production site including inventories was signed on May 29, 2012. A purchase price of €71 million was agreed.
The Bayer Group received revenue-based payments of €99 million in 2012 in connection with the aforementioned transfer of the hematological oncology portfolio to Genzyme Corp., United States.