Germany's Bayer signed a deal to sell its Dr. Scholl's footcare brand to US private investment firm Yellow Wood Partners for $585 million (), the second of two consumer care products it had put on the block.
Bayer struck a deal in May to sell US sun care brand Coppertone to Nivea maker Beiersdorf for $550 million.
The divestments are part of a wider overhaul unveiled in November by Bayer chief executive Werner Baumann, who is under pressure to boost the share price.
Bayer's Dr. Scholl's, which generated $234 million in sales last year, is primarily a North American brand. Rival Reckitt Benckiser owns the Scholl footcare business outside North America.
The German group, which is scheduled to release second-quarter results on July 30, is also looking for a new owner of its animal health business, the world's largest maker of flea and tick control products for pets, which analysts have said could fetch €6 billion to €7 billion.
Reuters this month quoted sources familiar with the matter as saying Bayer had approached U.S. drug firm Elanco Animal Health about a possible tie-up.
Bayer's consumer healthcare business, bolstered by the 2014 acquisition of a Merck & Co division for $14 billion, will focus on remaining brands that require more medical expertise.
The business has faced falling revenues as US consumers switched from established drugstores to online shops.
Boston-based Yellow Wood will create a standalone company for the Dr. Scholl's consumer brand and it plans to invest in the business to drive growth and profitability, Bayer added.