In an effort to cut costs and streamline its operations, Bayer AG may outsource some of its pharmaceutical research work.
According to the company’s works council, Bayer is preparing itself for sluggish growth in its pharmaceutical division, which has been led by sales for its blockbuster medications, Eylea and Xarelto.
The company is also in a restructuring phase as it merges its operations with Monsanto, the mega-ag company Bayer bought for $63 billion this year. Last month, news broke that Bayer is also considering job cuts as part of its review of its pharma operations.
Reports suggest that ultimately, Bayer could be looking to make room in its portfolio for further acquisitions of up-and-coming biotech companies.
Read the full Reuters report.