Bayer Shares Surge After Appeal Win in Roundup Cancer Suit
By Helena Smolak
Bayer shares soared after a Philadelphia appeals court ruled in favor of the company over claims it had failed to place a cancer warning label on the Roundup weedkiller made by its subsidiary Monsanto.
Bayer shares climbed 10% to EUR28.92 in early morning trading in Europe. The German agricultural-chemical maker's share price slumped over 74% since its $63 billion Monsanto acquisition in 2018. It has faced a raft of lawsuits over the Roundup herbicide.
Bayer said on Thursday that the court decided the Federal Insecticide, Fungicide, and Rodenticide Act superseded state laws that formed the basis for the suit.
Bayer added that it stands by the Roundup products and says they aren't carcinogenic.
The ruling creates a "split among the federal appellate courts and necessitates a review by the U.S. Supreme Court," a Bayer spokesman said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
August 16, 2024 04:28 ET (08:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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