[ad_1]
Bayer AG shareholders may be inured to the rising costs of litigation over the Roundup weedkiller the German company inherited with the 2018 takeover of GMO specialist Monsanto. But now a worry about Bayer’s other main business — pharmaceuticals — has come to the fore. New Chief Executive Officer Bill Anderson could face intensifying calls to do a breakup. The snag is that would just create two struggling businesses out of one.
Shares in Bayer fell as much as 21% on Monday, wiping €8.7 billion ($9.5 billion) from its market capitalization and taking the loss of value from just before the Monsanto deal leaked to €66 billion — effectively wiping out the full cost of the deal. One reason for Monday’s drop was disappointing clinical trial data for anti-thrombotic drug asundexian. This was compounded by a $1.5 billion award against Bayer in the latest lawsuit brought by three Roundup users claiming it caused their cancers. (Bayer has defended the safety of glyphosate, the active ingredient in the product).
[ad_2]
Source link