Apax Partners has emerged as favourite to win the auction for BSN Medical, a joint venture between healthcare firms Beiersdorf and Smith & Nephew, in a deal which could value the company at more than €1bn ($1.2bn).

German newspaper Frankfurter Allgemeine Zeitung reports that Beiersdorf will select one bidder for exclusive talks later this week. Advent International, CVC Capital Partners and Montagu Private Equity are also believed to be bidding.