The shares of the German chemical and pharmaceutical group Bayer sunk up to 21.3% on Monday, November 20th, on the Frankfurt Stock Exchange after the company confirmed the interruption of a study for the development of a drug aimed at reducing the risk of stroke. The news has coincided with a new fine in the United States, related to the use of glyphosate in Roundup, Monsanto’s herbicide.
However, as the session in Frankfurt has progressed, Bayer shares have managed to partially reduce the losses recorded at the opening. In this sense, shortly before the mid-session, they were trading at a discount of around 18% compared to last Friday’s close.
In this way, the market capitalization of the Leverkusen multinational has been reduced by more than €7 billion in just a few hours, in what is the largest stock market collapse in a single day in the history of Bayer.
Read more about Bayer and find out why the company’s shares plummeted by more than 20% in a single trading day on the Frankfurt Stock Exchange, and find the latest financial news of the day with our companion app Born2Invest.
The German pharmaceutical company Bayer announced that it was studying the spin-off of Consumer Health, its non-prescription medicines business
A few days ago, a jury in Missouri (United States) ordered the company to compensate a group of plaintiffs with $1.56 billion who claimed to have become ill from the use of the herbicide Roundup, marketed by Monsanto, according to Bloomberg.
Bayer is currently in another trial involving the drug before a state court jury in Philadelphia and is scheduled to begin another case in California in December, in addition to at least three other cases that will begin, also in Pennsylvania, over the next few months.
Two weeks ago, the German pharmaceutical company announced that it was studying the spin-off of Consumer Health, its non-prescription medicines business, in addition to preparing a workforce adjustment. The news came after the publication of the third quarter results, in which Bayer recorded losses of €4.57 billion, a figure that contrasted with the profits of €3.54 billion recorded in the same period of the previous year.
In September of this year, Bayer initiated an employment regulation file (ERE) in Spain that affected 135 people in the pharmaceutical division. Specifically, the organization currently has more than 2,400 professionals in the country, so the measure affected more than 5% of its employees.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in PlantaDoce. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The TopRanked.io Weekly Digest: What’s Hot in Affiliate Marketing [++ A2 Hosting Affiliates Review]
Something's brewing in the Right to Repair space. Lawmakers are increasingly law-making. DIY fixer upperers are increasingly fixer uppering. And,...
Why the Carbon Credit Market Is Not Working
The Carbon Brief analysis focused on 34 companies that alone used 38 million tons of carbon dioxide over the period...
Recrowd, Real Estate Lending Platform, Finally Gets European Authorization
Recrowd adopts a distinct approach for less sophisticated investors, limiting their investments to under €1,000 or 5% of their net...
Why the Amounts Invested in Belgian Fintech Companies Decreased
In 2023, the Belgian fintech sector has not witnessed any major fundraising events similar to those in previous years, such...
Bitcoin Soars 130% This Year: Will It Reach New All-Time Highs in 2024?
Bitcoin is currently trading within an ascending channel, maintaining support at $35,000, with an upward trajectory towards the psychological resistance...
Fintech2 weeks ago
Paypal Shares Are Not Emerging from the Crisis: How the Fintech Sector Is Developing
Business6 days ago
Vivid Seats Acquires Vegas.com in $240M Transaction — Is Restaurant.com [RDE, Inc. | OTCQB: RSTN] Next in Line?
Business2 weeks ago
CardCash.com [RDE, Inc. | OTCQB: RSTN] Is Turning Unwanted Gift Cards Into Investor Profits — Here’s How
Fintech5 days ago
How the Fintech Sector in Mexico Developed