Nestlé SA has pulled out of the race to buy Merck KGaA's consumer health unit, Reuters reported, citing sources familiar with the matter.
The Swiss company made a nonbinding offer for the German drugmaker's business in November 2017 and was short-listed to submit its final bid this year but could not reach an agreement with Merck on price, the news outlet reported.
The bidding process was led by JPMorgan.
A Merck spokesman told the news outlet that the process of assessing options for the consumer health business is "well on track."
Merck started looking into strategic options for its consumer health business in September 2017.
