Asset manager Apollo Global Management has reached an agreement to acquire a minority stake in German pharmaceutical company Bayer AG's long-acting reversible contraception (LARC) business for 3 billion euros, equivalent to approximately $3.43 billion.

The two companies announced the deal jointly, stating that funds managed by Apollo and its affiliates will hold a minority interest in a new, separately managed entity that will house Bayer's entire LARC portfolio.

Bayer indicated that the transaction will provide the company with 3 billion euros in equity capital. Crucially, Bayer will retain majority ownership of the contraception business and will maintain full operational control and responsibility for its day-to-day management.

According to information on Bayer's website, its LARC business focuses on long-acting contraceptive products, with key product categories including intrauterine devices (IUDs).

The transaction is expected to be completed in the third quarter of 2026.