Bayer hires former J&J exec to manage pharma deals

Bayer has hired Marianne De Backer to oversee the German drugmaker’s pharma acquisitions.

De Backer, who formerly worked at Johnson & Johnson, will take on a more senior role as the Head of Business Development & Licensing in Bayer’s pharmaceuticals division.

Leveraging acquisitions is part of Bayer’s strategy to bolster the pipeline of its pharma division, which take a hit in revenue in the next few years when its best-sellers, Xarelto and Eylea, come off patent.

Bayer is also looking for a way to dig out of the legal debt burden it took on with its $63 billion purchase of Monsanto.

Read the Reuters report.