Among German stocks, Bayer AG (DE:BAYN) is in the news today due to the ongoing legal concerns over its Roundup weedkiller and its recent acquisition of a new heart drug. BAYN shares were trading down by 0.46% at the time of writing.
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Bayer, a German biotechnology company, specializes in research and manufacturing across the pharmaceuticals, consumer health, and crop science sectors.
Bayer Lobbying States in Roundup Legal Dispute
In its ongoing legal battle over its weedkiller Roundup, Bayer has launched a lobbying campaign to persuade U.S. states to pass laws that could reduce its financial liabilities. Roundup has been accused by U.S. citizens of causing cancer due to its active ingredient, Glyphosate, resulting in an expensive ordeal for the company.
While Bayer maintains that Roundup is safe, it is actively seeking to resolve the crisis. The labelling of the product is a central issue in its legal cases. To address this, the lobbyists are advocating for the passage of bills on labelling at the local level.
Bayer is scheduled to declare its full-year results for 2023 on March 5. Investors are expecting an update on the company’s approach to the Roundup legal battle.
Bayer Expands Pharma Portfolio
In separate news, Bayer has secured exclusive marketing rights for a new heart drug, acoramidis, in Europe from Eidos Therapeutics and BridgeBio. The drug is used for the treatment of a severe heart condition, transthyretin amyloid cardiomyopathy (ATTR CM), and is presently undergoing regulatory evaluation.
According to the deal, BridgeBio and its affiliates will receive up to $310 million in initial and near-term milestone payments. Moreover, they may receive undisclosed sales milestone payments and tiered royalties, beginning at a rate in the low-thirties percentage.
Is Bayer a Good Stock to Buy Now?
According to TipRanks’ rating consensus, BAYN stock has received a Hold rating, backed by recommendations from 16 analysts. The Bayer share price forecast is €35.43, which implies an upside of 26% on the current trading level.
