Bayer acquires OTC drug firm Dihon for $586 million

Germany-based drugmaker Bayer AG said it has completed the acquisition of privately held Dihon Pharmaceutical Group Co Ltd in Kunming, capital of Yunnan province, for 3.6 billion yuan ($586 million), which will help it become the world's largest non-prescription medicine group.

Bayer will hold 100 percent of Dihon, which specializes in over-the-counter skin products and herbal traditional Chinese medicine products for women.

"This acquisition ... is further evidence of our aim to strengthen our life sciences portfolio with strategic bolt-on acquisitions," said Marijn Dekkers, chief executive officer of Bayer.