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Takeaway:
- Bayer was ordered to pay more than $2 billion by a jury in a Georgia state court in the latest legal case surrounding alleged cancer risk tied to its Roundup weed killer.
- In Monday’s German trading, shares of the conglomerate that combines pharmaceuticals with crop science fell by over 6%.
- Bayer said it believed it has "strong arguments on appeal to get this verdict overturned."
Bayer was ordered to pay more than $2 billion by a jury in a Georgia state court in the latest legal case surrounding alleged cancer risk tied to its Roundup weed killer, sending shares of the German pharmaceutical drug giant down Monday.
The verdict reached Friday by a jury in a trial in the State Court of Cobb County, Georgia, included $2 billion in punitive damages and $65 million in compensatory damages, a Bayer spokesman confirmed.
In Monday’s German trading, shares of the conglomerate that combines pharmaceuticals with crop science fell by over 6%.
Roundup cases that Monsanto inherited are part of the legal cases.
Bayer is facing a slew legal cases in the U.S. after it acquired Monsanto’s Roundup weed killer.
The company said it disagreed with the jury's verdict, "as it conflicts with the overwhelming weight of scientific evidence and the consensus of regulatory bodies and their scientific assessments worldwide."
Bayer said, “We are confident that we can appeal this verdict and reduce or eliminate the excessive and unconstitutional damages awarded.”
The company reported that damages in Roundup-related lawsuits that resulted in final judgments have been reduced by 90 percent compared to the original jury awards.
