Bayer Corporation - U.S. history

A polyurethanes manufacturing site in New Martinsville, West Virginia began operation in 1955.

By 1957 Bayer had developed new insecticides and fibers, as well as new raw and plastic finished materials.

In October 1971 Mobay, along with five other Bayer-owned chemical-related subsidiaries in the United States, merged into a single company called Baychem Chemical Company and headquartered in New York City.

1972: The firm officially adopts the name Bayer A.G.

When Herbert Grünewald succeeds Kurt Hansen as Chairman of the Board of Management in 1974, the global economy is in a severe recession.

In 1977 a United States antitrust suit forced Bayer to buy Monsanto's share of Mobay, which generated $540 million in sales.

1978: Miles Laboratories is acquired.

1982: The firm restructures, creating a third tier below the management board.

In 1986, for $25 million, Bayer secured from Sterling partial rights to use its name in North America outside the pharmaceutical area.

In 1992 Bayer consolidated its United States operations under the name Miles, and the Mobay name was discontinued.

In 1993 Bayer's sales of pharmaceuticals in Germany fell 20 percent as a result of government efforts to cut expenditures on pharmaceuticals: doctors, facing reduced drug budgets, began to prescribe more generic drugs in place of the expensive, proprietary drugs developed by Bayer.

In 1994, Bayer reacquired full rights to all former Bayer products after they purchased the Winthrop division of over-the-counter drugs from GlaxoSmithKline, and the Miles name was discontinued.

Net income increased by 20 percent to DM 2.4 billion in 1995, the highest level the company had recorded in its history.

In March 1996, the firm acquired the styrenics business of Monsanto Co. for $580 million.

1997: Company begins restructuring its chemical operations.

Moreover, in September 1998, Bayer acquired United States-based Chiron Corp's Diagnostics business for DM 1.9 billion.

Aspirin celebrated its centennial in March 1999.

The company's strategy of strengthening its portfolio continued, and in April 2000 the firm acquired the polyols business of United States-based Lyondell Chemical Company for $2.5 billion.

In February 2001, Bayer teamed up with CuraGen Corporation to research, develop, and market pharmaceuticals related to metabolic disease.

In addition, Bayer diversified, establishing a crop science division in 2002.

In 2005, Bayer paid $1.1 billion to settle about 3,000 Baycol death and injury claims.

Bayer continued to expand its holdings with such notable acquisitions as Schering AG (2006), a German pharmaceutical firm that was the largest maker of birth control pills.

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Bayer settled about 150 Trasylol lawsuits for $60 million in 2010.

Reuters Staff. (2013, April 16). Actavis to sell generic Yaz birth control after ruling.

On September 18, 2014, the Board of Directors of Bayer AG announced plans to float the Bayer MaterialScience business on the stock market as a separate entity.

In 2016 the company announced that it was purchasing Monsanto, an American producer of agricultural products, including Roundup, a weed killer some claimed caused cancer.

Bayer. (2017, July 7). RestoraLAXA recall expanded to include RestoraLAX 30+7 Bonus Packs.

FDA. (2018, April 9). FDA restricts sale and distribution of Essure to protect women and to require that patients receive risk information.

In December 2019 Bayer announces that it will significantly step-up its sustainability efforts and sets itself ambitious targets.

In 2020 Bayer acquires Asklepios BioPharmaceutical (AskBio) and launches a new platform for cell and gene therapy. more