Bayer will sell its animal health business to Elanco for $7.6 billion as the German chemical and pharmaceutical giant tries to reorganize its business following its acquisition of Monsanto, which faces scores of lawsuits over claims its pesticide Roundup causes cancer.
Earlier this month, Bayer proposed paying up to $8 billion to settle all current and future Roundup claims. The company maintains that the weedkiller glyphosate, which plaintiffs have accused of causing their cancer, is safe. It is appealing judgements worth tens of millions of dollars, which has already been reduced in court.
Bayer has lost a third of its market value following its $63 billion acquisition of Monsanto June 2018 as Roundup cases against the U.S. seeds and chemical business topped 18,000.
I am a breaking news reporter for Forbes in London, covering Europe and the U.S. Previously I was a news reporter for HuffPost UK, the Press Association and a night rep
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