(Reuters) - German chemicals and crop pesticides firm Bayer AG <BAYGn.DE> is exploring the sale of its dermatology business to push forward its deal with Monsanto Co <MON.N>, Bloomberg reported, citing sources.
Bayer is working with JPMorgan Chase & Co <JPM.N> on the sale, which could fetch more than 1 billion euros ($1.12 billion), the report said. (http://bloom.bg/2cGiTXB)
Bayer said on Monday it was willing to offer more than $65 billion, a 2 percent increase on its previous offer for the world's largest seeds company Monsanto.
The dermatology business could attract interest from existing makers of skincare products including Nestle SA's <NESN.S> Galderma, Allergan Plc <AGN.N> and Almirall SA <ALM.MC>, as well as private equity firms, according to the Bloomberg report.
Bayer and J.P. Morgan were not immediately available for comment.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)