German pharmaceutical Bayer AG announced the purchase of birth control maker Conceptus for $1.1 billion on Wednesday.
Bayer received the approval of the Federal Trade Commission, which cleared the way to complete the transaction, according to Daily Finance.
Mountain View-based Conceptus, the maker of Essure—an irreversible birth control plastic and metal coil implant completed by a physician within 10 minutes—would enhance Bayer's birth control offerings, the Associated Press reported.
On August 29th, Bayer announced its original intention to acquire Conceptus and the president of Bayer HealthCare Pharmaceuticals Andreas Fibig said "Essure completes Bayer's portfolio of long-acting intrauterine systems and short-acting oral contraceptives."
Conceptus, Inc. generated net sales of US$141 million for its fiscal year 2012. The company employs approximately 300 people at it's 331 E. Evelyn Ave. location.