Bayer Owns Up to Poison Pill

Source: Alley, Clark, Greiwe & Fulmer

Bayer, a global drug and biotechnology company with a turnover of $US35.5 billion in 2005, has agreed to pay $8 million to settle a legal action by 30 U.S. states over its failure to disclose potentially serious consequences of using Baycol, a cholesterol-lowering drug. Baycol was withdrawn from the market in August 2001 due to its "sometimes fatal" side effects. Under the terms of the settlement, Bayer agreed that it failed to adequately warn doctors and patients of the results of clinical studies that demonstrated serious consequences from using the drug. The settlement also requires Bayer to post the results of all future clinical studies on the Internet at the time of the completion.