German pharmaceutical giant Bayer will complete a review of its pharmaceutical strategy in the next few weeks after it withdrew its cholesterol-lowering product Baycol/Lipbay last week.
"In the next few weeks we will have a basis for discussion, which we can present to the supervisory board," said chief executive Mr Manfred Schneider.
Bayer has changed its position on any potential pharmaceutical joint ventures from its previous stance that the company would need to hold 50 per cent or more. Mr Schneider now says the company would "not necessarily need majority control.
"Two well-known pharmaceutical companies, interested in a partnership, have already contacted us," he said, without disclosing further details.
Chief financial officer Mr Werner Wenning said full-year operating profit will be burdened by euro 350 million due to production problems for its biological products - mainly the haemophilia product Kogenate.
AFP