Bayer CEO scoffs at takeover talk

Market watchers can wag their tongues all they like, says Bayer CEO Werner Wenning (photo). The company isn't vulnerable to a takeover, he told a German newspaper, because its market cap of €42 billion is just too much for a suitor to swallow. Wenning acknowledged that "you can't rule out anything, especially not in the current environment," but allowing for a slim possibility isn't the same thing as admitting a fair chance.

You'll recall that last week, rumors of a Pfizer takeover boosted Bayer shares, in spite of the fact that Pfizer has been pooh-poohing talk of doing any big buyout deals. Wenning's reponse didn't stop traders from bidding up Bayer stock yet again, this time to a seven-month high.

Meanwhile, Bayer has been working on a deal of its own: It has agreed to acquire the German drug developer Direvo Biotech for $298 million. A protein engineering expert, Direvo will help beef up Bayer's capabilities in biologic drugs.

- read the Pharmalot item
- check out the AP story
- here's the release on the Direvo buyout

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