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Aug 13, 2018

Bayer shares plunge after Monsanto cancer ruling

Posted by in category: biotech/medical

Shares in German chemicals and pharmaceuticals giant Bayer tumbled more than 10 percent as markets opened Monday, as investors reacted to a shock US ruling against freshly-acquired Monsanto.

Stock in the Leverkusen-based group fell 10.4 percent to 83.61 euros ($95.19) around 9:25 am (0725 GMT), after a California jury on Friday awarded a dying groundskeeper damages of almost $290 million, saying Monsanto should have warned buyers that its flagship Roundup weedkiller could cause cancer.

While observers have predicted thousands of other claims could follow, Bayer said the jury’s findings went against scientific evidence and that other courts might “arrive at different conclusions”.

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