Bayer exploring sale of dermatology business: Bloomberg

German chemicals and crop pesticides firm Bayer AG is exploring the sale of its dermatology business to push forward its deal with Monsanto Co, Bloomberg reported, citing sources.

Bayer is working with JP Morgan Chase & Co 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.

The dermatology business could attract interest from existing makers of skincare products including Nestle SA's Galderma, Allergan Plc and Almirall SA , as well as private equity firms, according to the Bloomberg report.

Bayer and J.P. Morgan were not immediately available for comment.