Bayer HealthCare has announced the formation of a new radiology and interventional business unit as it looks to streamline and realign its portfolio for growth.
The division is being created through the integration of its subsidiary Medrad and Bayer HealthCare Pharmaceuticals' contrast media business, with the Medrad name set to become a Bayer product brand.
Following the reorganisation, the newly launched unit will be responsible for product lines including Gadovist, Ultravist, AngioJet Ultra and the Mark 7 Arterion Injection System, with its headquarters based in New York.
It will operate within Bayer HealthCare's medical care division, led by executive committee member Alan Main.
Dr Joerg Reinhardt, chairman of the board of management at Bayer HealthCare, said: "Working over several decades, the groups that now form Bayer HealthCare Radiology and Interventional have achieved significant success ... Our commitment continues with the integration of these business groups to increase focus on shared customers."
Last month, Bayer announced record-breaking annual sales of 36.53 billion euros (30.44 billion pounds), representing a 4.1 percent year-on-year increase.