Bayer's Dual Track: €2 Billion Bond Sale Funds the Pipeline While Missouri Weighs the Roundup Bill
Published on 09/25/2026 at 06:41 | Editorial boerse-global.de
Bayer has spent the past several weeks pulling two levers at once — shoring up its balance sheet through the debt markets and clearing space in its pharmaceutical portfolio for newer assets. On Wednesday, the Leverkusen-based agriculture and drugmaker placed two hybrid bonds worth a combined €2 billion, with both tranches drawing demand that outstripped supply several times over, according to company figures. Proceeds are earmarked for general corporate purposes.
The issuance splits evenly into two €1 billion tranches, each carrying a 30-year maturity. Bayer set the coupons at 5.75% and 6.25% respectively. With the deal done, the group's outstanding hybrid bond volume climbs to €6.55 billion.
That capital raise slots into a broader sequence of financing and portfolio moves. In mid-September, Apollo Funds and KKR wrapped up a €3 billion capital solution for Bayer's long-acting reversible contraception business. Under that arrangement, Bayer retains operational control and a majority stake in the newly formed entity.
Pipeline Wins and Portfolio Pruning
On the pharmaceutical side, the US Food and Drug Administration granted accelerated approval for sevabertinib in early September. The drug is cleared as a first-line therapy for adults with HER2-mutated non-small cell lung cancer — a regulatory milestone in a therapeutically demanding segment, and one that reinforces Bayer's push to offset revenue lost to older medicines with fresh development candidates.
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That approval lands amid active portfolio housekeeping. Bayer agreed to sell the cancer drug Stivarga to Grünenthal for up to €375 million, redirecting resources toward the marketing and further development of newer product candidates.
Innovation efforts extend beyond pharma. Through its Leaps by Bayer unit, the company closed a Series A financing round on 17 September for Robigo, a startup developing biological crop protection solutions built on engineered biologicals. Within Bayer's own 10-blockbuster program at Crop Science, Plenexos and Preceon are already being marketed, while additional products such as Vyconic and Intacta 5+ are in preparation to further modernize the agricultural portfolio.
The Legal Overhang in Missouri
Running parallel to these operational and financial steps, Bayer's US litigation legacy remains a dominant theme. A Missouri court held a hearing in mid-September on the proposed Roundup settlement, which provides for payments of up to $7.25 billion. No binding ruling has yet emerged, leaving the timing of a final decision open.
Reuters reported that the responsible Monsanto unit pressed the court to confirm the agreement, arguing there is no other route to definitively end the litigation that has dragged on since the 2018 Monsanto acquisition. For the capital markets, a workable conclusion to this process is seen as a decisive building block for a sustained re-rating of the group.
Investors have already begun pricing in a gradual operational stabilization. The stock has gained 34% since the start of the year and closed yesterday at €49.50.
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