Bayer CEO defends $66 billion Monsanto acquisition
pharmafile | September 20, 2016 | News story | Manufacturing and Production, Sales and Marketing | Bayer, Werner Baumann, monsanto
Bayer AG’s chief executive Werner Baumann has spoken in defence of the company’s move last week to acquire US agricultural firm Monsanto for $66 billion, the biggest deal of the year so far.
“There was a perception that this was something that came out of the blue and was completely off strategy,” Baumann said. “Just to set the record straight, we were crystal clear, in September 2014, that our objective is to build our life-sciences portfolio.”
He also noted that the company had forecast “significant” boosts in pharmaceutical division sales thanks to a host of recently launched drugs including blood thinner Xarelto and Eylea eye medicine, representing a peak annual sales potential of €10 billion, up from the previously expected €7.5 billion.
Baumann added that he was “very confident” about the company’s drug pipeline, noting that six of those products boast a combined sales potential of €6 billion across chronic heart failure, kidney disease and prostate cancer treatments.
Bayer’s shares have risen 1.4%.
Matt Fellows
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