Bayer Animal Health
2015 Revenue: $1.63 billion (€1.49 billion)
HQ: Monheim, Germany
When Bayer spent $145 million to acquire the veterinary drug assets from Teva Pharmaceutical Industries ($TEVA) in 2012, it marked the ascent of the German company into the upper echelons of animal health. Bayer’s animal health group has grown steadily since then, as the company has continued to invest in key areas, such as developing immune-boosting drugs for food animals and mobile technology to help farmers manage their herds. But Bayer has repeatedly failed to make any big moves towards growth, having lost an opportunity to pick up animal health assets from Schering-Plough, and then getting passed by Eli Lilly ($LLY) in an attempt to buy Novartis ($NVS) Animal Health. And when previous Bayer CEO Marijn Dekkers handed the reins over to Werner Baumann in mid-2016, questions about Bayer’s future in animal health re-emerged, especially when Baumann made a bold $62 billion bid to acquire agricultural giant Monsanto.