Shares of German pharmaceutical giant Bayer are at their lowest level in 15 years

Shares in German pharmaceutical giant Bayer fell to lows not seen in a decade after it said a late-stage trial of a blood-thinning drug for heart disease did not prove effective.

The German company said in a statement that the anticoagulant drug showed lower efficacy compared to another drug in the same study.

Over the weekend, Bayer also lost a major lawsuit in the United States over its Roundup herbicide.

According to the Financial Times, Bayers shares fell 18 percent to 34 euros, reaching their lowest level since 2008.

On the other hand, the company’s market value experienced its biggest drop to date, losing approximately €7.6 billion ($8.3 billion).

‘HE SHOULD HAVE FOUND A PARTNER TO SHARE THE RISKS’

The German company said on Sunday it had canceled late-stage trials of its blood-thinning drug, which was expected to break sales records, due to its lack of effectiveness.

“Asundexian was the pearl of Bayer’s pharmaceutical portfolio,” said Markus Manns, portfolio manager at Union Investment and one of the shareholders. “Bayer should have found a partner with whom to share the costs and risks of development,” he said.

ONE OF THE GREATEST COMPENSATIONS

The announcement came two days after Bayer’s Monsanto unit was ordered to pay more than $1.5 billion to four former Roundup users who claimed the Roundup herbicide caused diseases, including cancer.

The judgment handed down in the US state of Missouri, valued at more than $1.5 billion, was one of the largest compensation judgments handed down against a company in the United States this year.

Bayer said it would appeal the decisions and insists the product is safe. Two years ago, the company allocated $16 billion to settle more than 100,000 lawsuits over the health effects of Roundup.

FALLING WITH SECOND WAVE OF CASES

The company now faces a second wave of lawsuits.

Bayer is currently facing another Roundup lawsuit before a state court jury in Philadelphia, involving a man who blamed the herbicide for his cancer. The jury is still hearing evidence and closing arguments are not expected until later this month or early December, according to attorneys involved in the case.

Another trial is scheduled to begin in California in December, while at least three more trials will begin in Philadelphia in the coming months.