German health care and agricultural materials company Bayer AG (BYR.L,BAYRY.PK,BAYZF.PK) will outsource production of its blockbuster drug Betaferon to privately-held rival Boehringer Ingelheim, the Financial Times Deutschland reported Monday.
Media reports last Thursday had said that Bayer HealthCare will shut down its multiple sclerosis drug production in Emeryville, resulting in the loss of around 540 jobs by 2013. The multiple sclerosis drug, branded as Betaseron in the U.S. and as Betaferon abroad, generated revenues of about 1.2 billion euros for Bayer in 2010.
The drug will be reportedly produced entirely under contract by Germany-based Boehringer Ingelheim, which currently makes the drug for overseas use. According to reports, the Emervyille facility will return to Swiss drug giant Novartis AG (NVS) after it closes in 2013. The facility was leased by Bayer from Novartis in September 2007.
In late April, Bayer reported an 8 percent increase in profit for the first quarter on higher revenues. The company's net income for the quarter was 684 million euros or 0.83 euros per share, up from 631 million euros or 0.76 euros per share in the year-ago period. Sales for the quarter improved 13.2 percent to 9.42 billion euros.
BAYRY.PK closed Friday's trading at $78.72, up $0.72 or 0.92 percent on a volume of 27,840 shares.
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