German drug and chemicals maker Bayer said on Monday that it will buy the nonprescription drug business of Swiss pharmaceuticals company Roche for €2.38 billion ($2.95 billion). "The acquired business is of high value," said Bayer CEO Werner Wenning in a statement. "The combined product portfolios are very complementary and contain strong, trusted brands." Bayer, which has its headquarters in Leverkusen, will take over five Roche production plants: in Grenznach, Germany; Gaillard, France; Pilar, Argentina; Casablanca, Morocco; and Jakarta, Indonesia. The combined division will be headquartered in Morristown, New Jersey, and run by Gary Balkema, who currently heads Bayer's consumer care division. The deal must first pass antitrust scrutiny, Bayer said.