November 24, 2006 |
German chemical and drug maker Bayer said Thursday that it would sell its HC Starck division to U.S.-based private equity firms Advent International and Carlyle Group for more than $900 million in cash. Starck, headquartered in Goslar in northern Germany, makes metal and ceramic powders, specialty chemicals and parts made from advanced ceramics and metals. It employs 3,400 people at 15 sites in Europe, Asia and North America and posted 2005 sales of 920 million euros ($1.2 billion).
October 14, 2006 |
German drug maker Bayer said Friday that it had suspended two senior employees over the company's failure to provide U.S. regulators with data on its heart-surgery drug Trasylol. Bayer also said it had hired an independent counsel to investigate its actions regarding the disclosure of the preliminary results from the Trasylol study. "Based on our investigation so far, we believe this was a serious error in judgment by two individuals," the company said in a statement.
September 13, 2006 |
German-based Bayer won a judge's approval of a $250-million settlement of civil claims that it colluded to fix U.S. rubber prices from 1995 to 2001. U.S. District Court Judge Martin Jenkins in San Francisco said the accord with buyers of rubber chemicals was "fair, adequate and reasonable." Bayer was accused of colluding to fix prices of chemicals that are mixed with raw rubber to make finished rubber.
August 19, 2006 |
Bayer, the second-biggest corn-seed producer in the U.S., detected trace amounts of an unapproved genetically engineered rice variety in commercial U.S. samples, posing a threat to a portion of rice exports. The U.S. Department of Agriculture and the Food and Drug Administration concluded that there were "no human health, food safety or environmental concerns associated with the rice," Agriculture Secretary Mike Johanns said.
June 30, 2006 |
German engineering conglomerate Siemens plans to bulk up its medical business by buying the diagnostics unit of drug and chemical firm Bayer for $5.3 billion. The acquisition, the second major purchase by Siemens' thriving healthcare unit in two months, would make the Munich-based giant the world's second-largest player in immunodiagnostics, which involves using antibodies to diagnose disease, it said Thursday.
June 15, 2006 |
Bayer finally won control of Schering on Wednesday for an increased price of almost $22 billion as Merck bowed out and sold its stake to the larger drugs and chemicals group. Darmstadt, Germany-based Merck is independent of Merck & Co. in New Jersey. The German company, which had built up a holding of more than 21% in Schering after its own bid for the contraceptive-pill maker was topped by Bayer, said it would sell the Schering shares to Bayer.