LONDON/LEVERKUSEN (dpa-AFX) - Bayer CEO Bill Anderson attributes the thin product pipeline in the pharmaceuticals division following the sudden discontinuation of an important study to underinvestment in the past. "We had a few years of under-investment until around 2018," said the head of the DAX-listed company in an interview with the "Financial Times" ("FT"/Sunday). Bayer had not researched any novel molecules during this time and had not pursued the really important goals. As a result, the pipeline of well-developed drugs is thin compared to the patents expiring in the coming years. He cannot correct what did not happen eight or ten years ago.

At the beginning of last week, the sudden discontinuation of an important study with the anticoagulant Asundexian shocked the Group's investors, causing the share price to fall by 18 percent in one day. Asundexian was regarded as a blockbuster hope for the Leverkusen-based company with expected peak sales of more than five billion euros annually. At least in the important indication of treating patients with atrial fibrillation and stroke risk, this is now unlikely to happen because Asundexian was unable to hold its own against the standard treatment in the discontinued study.

However, Anderson believes that the Group's research and development is on track following a realignment of the strategy five years ago. With the new development strategy, the Group will overcome the current difficulties over time. "This is a business with life cycles of ten to fifteen years," said the manager. "Two of the companies that had the lowest research and development expenditure a decade ago were Eli Lilly and Novo Nordisk," he said. Both are currently enjoying great success with their diabetes and weight loss drugs. "These are two of the most valuable pharmaceutical companies in the world today," said Anderson.