GERMANY: BAYER AG HAS SAID IT WAS CONSIDERING WHETHER TO HOLD ITS TROUBLED PHARMACEUTICALS UNIT

Record ID: 648915

  • Title: GERMANY: BAYER AG HAS SAID IT WAS CONSIDERING WHETHER TO HOLD ITS TROUBLED PHARMACEUTICALS UNIT
  • Date: 13th August 2001
  • Summary: (W5) LEVERKUSEN, GERMANY (AUGUST 13, 2001) (NTV - NO ACCESS GERMANY) 1. SLV BAYER EXECUTIVE WALKING IN 0.09 2. MCU/LV VARIOUS OF BAYER EXECUTIVES (2 SHOTS) 0.21 3. MCU (German) MANFRED SCHNEIDER, CHIEF EXECUTIVE BAYER, SAYING "The recall of the anti-cholesterol drug Baycol which we announced last Wednesday certainly is an extraordinary negative event. The economic results for our company are tremendous. In the interest of the safety and the health of the patients, however, there was no alternative for the decision to recall the product." 1.07 4. PAN FROM BAYER SIGN ON THE WALL TO JOURNALISTS LISTENING 1.12 5. MCU (German) MANFRED SCHNEIDER, CHIEF EXECUTIVE BAYER, SAYING "The recall poses no threat to Bayer, to make it very clear. The reason for that is we are wide range of products and not only rely on pharmaceutics." 1.32 6. SLV LISTENING JOURNALISTS 1.37 7. MCU (German) MANFRED SCHNEIDER, CHIEF EXECUTIVE BAYER, SAYING "We will - despite the losses from Lipobay, gain. We will, however, not reach our own objectives." 1.54 8. LV JOURNALISTS 1.58 9. MCU (German) MANFRED SCHNEIDER, CHIEF EXECUTIVE BAYER, SAYING "We, that is the executives, are well aware of the situation. We will do everything possible to solve the problems, to initiate the changes and to strengthen the company." 2.28 10. SLV MEDIA/LV PRESS CONFERENCE (2 SHOTS) 2.37 Initials Script is copyright Reuters Limited. All rights reserved
  • Embargoed: 28th August 2001 13:00
  • Keywords:
  • Location: LEVERKUSEN, GERMANY
  • Country: Germany
  • Reuters ID: LVA64A51DXSJFD6K7D5QNDAP0GVZ
  • Story Text: Bayer AG has said that it was considering whether to
    hold onto its troubled pharmaceuticals unit as a part of a
    fundamental review of group strategy sparked by last week's
    recall of a key drug.



    Bayer, one of Europe's last remaining chemicals and
    pharmaceuticals hybrids, would also be prepared to consider
    entering a drugs joint venture without insisting on management
    control, Chief Executive Officer Manfred Schneider said at a
    news conference.

    The company said earlier that it hoped to present the
    first results of the strategy review to the supervisory board
    within a few weeks.

    The recall of anti-cholesterol drug Baycol, which has been
    linked to 52 deaths worldwide, sent the company's stock
    plunging and exposed the frailty of its undersized
    pharmaceuticals business.

    In a press conference Manfred Schneider, the Chief
    executive at Bayer said:
    "The recall poses no threat to Bayer, to make it very
    clear. The reason for that is we are wide range of products
    and not only rely on pharmaceutics."
    Later he added:
    "We will, despite the losses from Lipobay - gain. We
    will, however, not reach our own objectives."
    Bayer said it hoped to present to the supervisory board
    within a few weeks the first results of a review of its pharma
    business, prompted by the Baycol/Lipobay recall.

    Last week, Bayer withdrew Baycol amid reports of deadly
    side effects, sending its stock 20 percent lower over three
    days and stoking talk that its days as an independent drug
    firm were numbered.


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