Bayer’s chief executive has blamed an “old chemistry mindset” and a chronic lack of investment in research by his predecessors for a thin drug pipeline that has dragged down the group’s share price. Bayer last week abandoned a trial of blood-thinner asundexian after it did not work as hoped to treat heart disease. The setback over a drug that was supposed to generate up to €5bn in annual sales at its peak caused Bayer’s already struggling stock to fall 18 per cent in a day.
Halted trial of prospective blockbuster treatment follows latest US legal blow over weedkiller Roundup
(Reuters) -Bayer held a call with investors on Monday after a raft of bad news led some of them to question whether the German group had been upfront about its prospects ahead of a $5.75 billion bond issuance, three sources familiar with the situation said on Wednesday. The bad news prompted some bond investors to question whether Bayer should sweeten the terms of the deal or outright pull it, one of the sources said. The drug-to-pesticides group priced the investment grade bond on Thursday last week, with the deal closing on Tuesday.