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. (

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.