Panasonic (NYSE:PC) said today it closed its $1 billion buy of Bayer‘s (ETR:BAYN) diabetes care business.

The diabetes care business will operate as a stand alone company, named Ascensia Diabetes Care and will develop, manufacture, market and sell blood glucose monitoring meters and strips across 125 countries, according to Panasonic.

“Our goal is to ensure high-quality technologies and diabetes care solutions are available to all patients who need them. Bringing together Panasonic Healthcare and Ascensia Diabetes Care will significantly help to achieve this goal. Together with KKR, the companies will be able to serve more patients in more places across the globe with world-class products. We greatly look forward to expanding this business and innovating new solutions at this integral point in the diabetes care industry,” Panasonic Healthcare prez Hidehito Kotani said in a press release.

The newly named Ascensia Diabetes Care will offer the Contour portfolio of glucose monitors, and has a “strong pipeline” of products and will continue to invest in R&D and new products, Panasonic said.

“We are excited to launch as Ascensia Diabetes Care and continue to be a trustworthy provider of reliable, high-performance solutions that could make a positive, daily difference for people with diabetes. This is a unique and exciting opportunity for us to expand our business and better serve our patients, customers and partners worldwide. Panasonic Healthcare has been a pioneer in the development of key diabetes care products, and we are thrilled to work together with them to introduce new and innovative technologies that enhance the lives of patients living with diabetes. We are focused on moving forward into an exciting future and continuing to play a leading role in the diabetes care industry.”

The buy was announced in June, with Bayer and Panasonic saying they expected it to close in early 2016.