Bayer's Pharmaceutical Division in Limbo After Baycol Recall
August 14, 2001
Within a week of voluntarily recalling its cholesterol-lowering drug Baycol, Bayer AG admitted that the drug might have caused 52 deaths worldwide. However, the company claimed that there is still no proof that Baycol is directly responsible for the deaths. Bayer's Chief Executive expressed the company's regrets for any adverse health consequences caused by Baycol.
Bayer is now evaluating its corporate strategy as it relates to the company's pharmaceutical division. A sale or joint venture may be in the offing. Following the recall announcement, Bayer's stock dropped nearly 20%. Shares have since recovered slightly.
-- Article Courtesy of InjuryBoard.com
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