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

Suggested Articles

Post-Tesaro buyout, don’t expect GlaxoSmithKline to spring for more commercial-stage oncology products anytime soon.

Already a fast-growing blockbuster, Novo Nordisk's injectable Ozempic won a major heart-helping FDA nod that could bode well for its oral sibling.

Bayer's new Vitrakvi for tumors with NTRK gene fusions is meeting skepticism in England and Germany, where cost watchdogs on Friday rejected it.