BERLIN (AP) — German pharmaceutical and chemical company Bayer AG says U.S. investment firm Yellow Wood Partners will buy its Dr. Scholl's foot care business for $585 million.

Bayer said Monday that the sale will enable it to "focus on building its core over-the-counter brands." It said that Yellow Wood Partners, based in Boston, will create a stand-alone company and plans to invest in all aspects of the business.

The transaction, which requires approval from competition authorities, is expected to close in the fourth quarter.

Dr. Scholl's, which had sales of $234 million last year, makes insoles, inserts and a variety of foot care and treatment products.