Pigs can fly

Pigs can fly

According to several published reports Bayer has a buyer for their troubled diabetes device unit. Yes according to both Bloomberg and Reuters, Panasonic will pay $1 to $2 billion for the unit. Although Reuters is cautioning that the deal is not yet consummated and could fall apart at any time.

Given that Bayer has been down this road before with Sanofi (NYSE:SNY) who at one time wanted the unit, only then to back away, only then to come back and well this is Sanofi after all, management isn’t celebrating just yet.

Should this deal actually take place it proves not only how wacky this world truly is but that pigs really can fly. Honestly Diabetic Investor cannot fathom why Panasonic wants to throw good money into a lousy market. Why they would willingly spend billions to enter a market that is being flushed down the toilet. There must alternate motive here but for the moment we can’t see it.

Yet this deal does prove something Diabetic Investor has been stating namely that investment bankers know how to turn sand into gold. The fact that anyone could convince Panasonic this unit was worth a billion or more proves this beyond a shadow of a doubt.

So congrats to Bayer for being able to unload this albatross, congrats to the investment bankers who put this deal together as quite frankly this is one of the best snow jobs ever and welcome to the wacky world Panasonic. The fact that Panasonic is buying this unit shows they have the perfect mentality for this wacky world. It’s just a shame that the Wacky Awards are set as with this deal Panasonic is deserving.

We’ll say it again the wacky world of diabetes where anything can and usually does happen. Have a great weekend everyone enjoy the Oscars.