Apollo is injecting €3bn of equity into a newly formed entity holding Bayer's long-acting reversible contraceptives (LARC) business. The deal, executed via Apollo's High Grade Capital Solutions platform, grants the private equity firm a minority, non-controlling stake while Bayer maintains majority ownership and full operational control.

Bayer will keep the LARC activities within its Pharmaceuticals Division and fully consolidate the entity in its group accounts. This bespoke financing structure allows Bayer to raise substantial capital without relinquishing strategic direction or management of the business unit.

This transaction signals a shift toward asset-backed capital solutions for blue-chip firms needing to strengthen balance sheets without full divestiture. By carving out equity in a specific product line, Bayer secures liquidity while keeping its core pharmaceutical operations intact.