Bayer collapses on the stock market after the surprise stop of a study on a new anti-coagulant drug and the sentence to pay compensation of 1.5 billion dollars decided by an American court. The shares of the German pharmaceutical giant drop by more than 19%, reaching the lowest level in over a decade and marking the worst performance of the Dax index and also of the Stoxx Europe 600. According to Bloomberg, due to the fall on the stock market, Bayer has already burned approximately 7.6 billion euros of market value.
The stop to the testing of a new drug
The company said on Sunday that it had halted a late-stage trial of its antithrombotic drug Asundexian due to a lack of efficacy. The decision was taken following the recommendations of the Independent Data Monitoring Committee (IDMC). According to Barclays analysts, the German group’s pharmaceutical division risks having to face major difficulties after the failure of the experimental drug, which was considered a key drug in Bayer’s portfolio, because it could have helped the group’s pharmaceutical division to recover after the loss of exclusivity for the anti-coagulant Xarelto and the eye drug Eylea.
The condemnation in the USA for glyphosate
The news of a conviction in the United States that will cost the group 1.5 billion dollars also weighed on the pharmaceutical group’s stock, which bounced back over the weekend. The jury in Cole County, Missouri, on Friday ruled that the Monsanto company controlled by the Bayer group must compensate three American citizens who were diagnosed with cancer due to the glyphosate contained in the herbicide Roundup.
Corriere della Sera also on Whatsapp. It’s enough click here to subscribe to the channel and always be updated.