German billionaire Dietmar Hopp is reportedly preparing to sell medical skin patch maker LTS Lohmann as he looks to shake-up his investment porfolio.

LTS has 1,300 employees and brings in more than 300 million euros ($319 million) in annual sales from nicotine and medical patches that treat conditions such as Parkinson’s and restless legs syndrome. Sources close to the matter told Reuters that Hopps’ investment firm, Dievini, has begun to approach potential buyers and gauge their interest in LTS.

Hopp, the co-founder of software group SAP, shared joint ownership of LTS with Novartis (NYSE:NVS) and German investment firm BWK until 2014, when he bought them out in a deal valuaing LTS at 1.2 billion euros ($1.3 billion). At the time, Hopp was unable to find a 3rd-party buyer for the medical skin patch business.

Dievini was not available for comment, Reuters reported.

In 2014, Evonik was in exclusive talks to buy LTS but pulled out at the last minute after a disagreement on the price. Hopp is unlikely to be able to reignite interest from Evonik, as the German chemicals group has shifted its focus to acquiring specialty chemical companies.

According to sources familiar with the matter, private equity groups have begun seeking advice from external legal and financial consultants on a possible bid for LTS.

Wendel of France and Sweden’s Nordic Capital made a bid for LTS in 2014, but it’s not clear if either 1 of those groups will return with a new offer.

Material from Reuters was used in this report.