50 Facts About Bayer

Bayer AG is a German multinational pharmaceutical and biotechnology company and one of the largest pharmaceutical companies in the world.

Bayer is a component of the Euro Stoxx 50 stock market index.

Bayer was founded in 1863 in Barmen as a partnership between dye salesman Friedrich Bayer and dyer Friedrich Weskott.

The versatility of aniline chemistry led Bayer to expand their business into other areas, and in 1899 Bayer launched the compound acetylsalicylic acid under the trademarked name Aspirin.

In 1925 Bayer merged with five other German companies to form IG Farben, creating the world's largest chemical and pharmaceutical company.

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Bayer played a key role in the Wirtschaftswunder in post-war West Germany, quickly regaining its position as one of the world's largest chemical and pharmaceutical corporations.

Bayer AG was founded as a dyestuffs factory in 1863 in Barmen, Germany, by Friedrich Bayer and his partner, Johann Friedrich Weskott, a master dyer.

Friedrich Bayer, son of the company's founder, was a chemist and joined the company in 1873.

Arthur Eichengrun, a Bayer chemist, said he was the first to discover an aspirin formulation that did not have the unpleasant side effects of nausea and gastric pain.

Bayer said he had invented the name aspirin and was the first person to use the new formulation to test its safety and efficacy.

Bayer contends that aspirin was discovered by Felix Hoffmann to help his father, who had arthritis.

Bayer scientists were not the first to make heroin, but the company led the way in commercializing it.

In 1903, Bayer licensed the patent for the hypnotic drug diethylbarbituric acid from its inventors Emil Fischer and Joseph von Mering.

Systematic investigations of the effect of structural changes on potency and duration of action at Bayer led to the discovery of phenobarbital in 1911 and the discovery of its potent anti-epileptic activity in 1912.

In 1916, Bayer scientists discovered suramin, an anti-parasite drug that is still sold by Bayer under the brand name Germanin.

In 1925, Bayer became part of IG Farben, a German conglomerate formed from the merger of six chemical companies: BASF, Bayer, Hoechst, Agfa, Chemische Fabrik Griesheim-Elektron, and Chemische Fabrik vorm.

Bayer was forced by the Nazi Party to relinquish the reward; German citizens had been forbidden from accepting Nobel prizes since the Nobel committee had awarded the 1935 Nobel Peace Prize to a German pacifist, Carl von Ossietzky.

Bayer was elected to Bayer AG's supervisory board in 1956, a position he retained until 1964.

In 1953, Bayer brought the first neuroleptic onto the German market.

In 1978, Bayer purchased Miles Laboratories and its subsidiaries Miles Canada and Cutter Laboratories, acquiring along with them a variety of product lines including Alka-Seltzer, Flintstones vitamins and One-A-Day vitamins, and Cutter insect repellent.

Companies, including Bayer, developed new ways to treat donated blood with heat to decontaminate it, and these new products were introduced early in 1984.

Bayer said it did this because some countries were doubtful about the efficacy of the new product.

Bayer has been involved in other controversies regarding its drug products.

Bayer produces various fungicides, herbicides, insecticides, and some crop varieties.

In 2004, Bayer HealthCare acquired the over-the-counter pharmaceutical division of Roche.

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In March 2008, Bayer HealthCare announced an agreement to acquire the portfolio and OTC division of privately owned Sagmel, Inc, a US-based company that markets OTC medications in most of the Commonwealth of Independent States countries such as Russia, Ukraine, Kazakhstan, Belarus, and others.

In November 2010, Bayer AG signed an agreement to buy Auckland-based animal health company Bomac Group.

In 2014, Bayer agreed to buy Merck's consumer health business for $14.

In June 2015, Bayer agreed to sell its diabetic care business to Panasonic Healthcare Holdings for a fee of $1.

Effective January 2016 following the spinout of Covestro, Bayer rebranded itself as a life sciences company, and restructured into three divisions and one business unit: Pharmaceuticals, Consumer Health, Crop Science, and Animal Health.

In May 2016, Bayer offered to buy U S seeds company Monsanto for $62 billion.

Shortly after Bayer's offer, Monsanto rejected the acquisition bid, seeking a higher price.

Also in 2002, Bayer AG acquired the Dutch seed company Nunhems, which at the time was one of the world's top five seed companies.

On 1 July 2011, Bayer CropScience agreed to a global settlement for up to $750 million.

In 2016, as part of the wholesale corporate restructuring, Bayer CropScience became one of the three major divisions of Bayer AG, reporting directly to the head of the division, Liam Condon.

The global headquarters of Bayer CropScience is located in St Louis, Missouri, United States.

Bayer BioScience, headquartered in Hyderabad, India, has about 400 employees, and has research, production, and an extensive sales network spread across India.

Bayer Pharma produces the birth control pills Yaz and Yasmin.

Bayer MaterialScience was a supplier of high-tech polymers, and developed solutions for a broad range of applications relevant to everyday life.

On 18 September 2014, the Board of Directors of Bayer AG announced plans to float the Bayer MaterialScience business on the stock market as a separate entity.

On 1 June 2015, Bayer announced that the new company would be named Covestro; Bayer formally spun out Covestro in September 2015.

Bayer's shares traded at over €69 per share, and its market capitalization was valued at US€65.

In September 2019, Bayer announced to reduce the number of management board members from seven to five to reduce overall costs.

Bayer USA was given a score of 85 in the Human Rights Campaign's 2011 Corporate Equality Index, a measure of gay and lesbian workplace equality.

Bayer received an EE- rating, the fourth tier in an eight-tier ranking.

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Jury found that the plaintiffs failed to prove that Bayer misrepresented its One A Day claims, and did not demonstrate that any of the class representative consumers who purchased One A Day relied on the so-called false information as part of their buying decision.

Bayer misrepresented the results of its own research and knowingly supplied hemophilia medication tainted with HIV to patients in Asia and Latin America, without the precaution of heat treating the product, recommended for eliminating the risk.

On 15 February 2020, Bayer-representing Monsanto- and BASF were ordered to pay not only the $15 million in damages, but an additional $250 million in punitive damages.

In June 2020, Bayer agreed to pay $800 million to settle lawsuits in a variety of jurisdictions which claimed contamination of public waterways with PCBs by Monsanto before 1978.

On 25 November 2020 U S District Judge Fernando M Olguin rejected Bayer's settlement offer, which was now at $650 million, and allowed Monsanto-related lawsuits involving PCB to proceed.