Roche Denies Talks on Bayer Drug Unit
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Swiss pharmaceuticals giant Roche Holding denied it held talks with Bayer about buying its drug business, though one source who has been in touch with Bayer management said it had made a preliminary approach.
Roche said reports it was a possible buyer of Bayer or its pharmaceuticals business have no basis in fact.
Bayer, which recently suffered a severe setback because it had to withdraw its anti-cholesterol drug Baycol, said it had no comment on what it described as “speculation” about an offer.
However, one person who has been in touch with Bayer management told Reuters that Roche had made a preliminary approach with an offer of stock and cash, worth about $20 billion, in exchange for the business. The source expressed surprise at Roche’s denial.
Bayer’s American depositary receipts rose 25 cents to close at $32.25, while Roche’s ADRs fell $1.25 to $73.25, both on the New York Stock Exchange.
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