Bayer is continuing its shopping spree

The pharmaceutical and agrochemical company Bayer has increased its forecast after growth in the first half of the year and is continuing its shopping spree. Bayer now expects an operating profit (Ebitda) adjusted for special items of between EUR 10.6 billion and EUR 10.9 billion in 2021, EUR 100 million more than previously forecast. Sales are expected to climb to 44 billion euros after previously expected 42 to 43 billion euros. In the second quarter, however, the Ebitda before special items for the entire group shrank by 10.6 percent to 2.6 billion euros. Higher costs and currency effects had a negative impact. "We have achieved great success in the development and introduction of drugs, some of which have blockbuster potential," said CEO Werner Baumann. The company was able to grow in the pharmaceutical business. Adjusted Ebitda before special items rose by three percent to 1.4 billion euros. Bayer also announced another acquisition. The group wants to strengthen its pharmaceutical research with the acquisition of the US-based biotech company Vividion Therapeutics. The purchase price is $ 1.5 billion (around 1.3 billion euros). In addition, there could be success-based milestone payments of up to $ 500 million. As a subsidiary of Bayer, Vividion is said to "operate largely independently," the company said. The takeover is expected to be completed in the course of the third quarter. After completion of the takeover, Bayer will have all rights to Vividion's research platform. "With its technology platform, Vividion is able to develop different therapies with small molecules for different indications." The focus is initially on oncology and immunology. "Our goal is to offer innovative therapies to patients whose medical needs are not yet covered by the treatment options available today," said Bayer Pharmaceutical Director Stefan Oelrich.