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Bayer Chairman Werner Wenning, one of the architects of a $63 billion takeover deal that has left the German crop protection company fighting costly lawsuits, will step down in April, it said on Wednesday.
Bayer , which is fighting claims its weedkiller Roundup causes cancer, said its Chairman Werner Wenning was stepping down because the drugs and crop protection company was making good progress in settlement talks.
Bayer and BASF are told to pay huge damages to a Missouri peach-grower.
A Missouri jury's $265 million award to peach grower Bill Bader in his lawsuit against herbicide providers Bayer and BASF has raised the stakes for the two companies as at least 140 similar cases head to U.S. courts later this year.
German agrochemicals group Bayer said on Sunday it would appeal a U.S. jury's $265 million damages award against it and BASF in favor of a Missouri farmer who said the company's dicamba herbicide had destroyed his peach orchards.
Bayer AG's shares have taken a hit since three consecutive U.S. juries awarded more than $2 billion in damages to cancer patients alleging that the company's glyphosate-based weed killer, Roundup, caused their disease.
Bayer AG is in mediation to potentially settle thousands of U.S. lawsuits claiming that the company's Roundup weed killer causes cancer, but some legal experts said the cases raises novel questions that may prevent an easy settlement.
As Bayer AG tries to settle U.S. lawsuits claiming that its weedkiller Roundup causes cancer, the company is considering a proposal that would bar plaintiffs' lawyers involved in the litigation from advertising for new clients, according to a person familiar with the matter.
Bayer on Friday won an endorsement from the European Union's drug regulator for its prostate cancer drug darolutamide, putting it on track for approval, as it takes on rival products by Pfizer and Johnson & Johnson.
Bayer AG is set to face a fourth U.S. jury trial over allegations that its Roundup weed killer causes cancer, with four cancer patients in the hometown of its agricultural subsidiary Monsanto scheduled to begin making their case on Friday.