Bayer to Buy SmithKline Unit
Leverkusen, Germany, through its wholly owned subsidiary Miles Inc. here, will pay $1 billion cash to SmithKline Beecham, London, for the North American over-the-counter drug business of Sterling Winthrop, the companies announced. The deal is subject to regulatory approval.
If the deal is approved, Bayer would regain the American rights to Bayer aspirin, which was invented by a Bayer company chemist in 1897.
Bayer's U.S. assets were co