(Reuters) – Bayer AG is convinced that it is an appeal of the recent court's rulings that its glyphosate fertilizer manure Roundup caused cancer to be successful, says a senior executive on Thursday among a steep sale of the company's shares in week.
Liam Condon, president of Bayer's Plant Science Department, said that the appeals of the judge's judgments against the chemical will be heard by the judge, a factor he considers favorable to Bayer's chances.
A jury in California gave more than $ 2 billion on Monday to a couple who claimed Bayer's glyphosate-based Roundup plant killers caused their cancer, in the largest US jury trial involving the company in chemical trial.
It was the third consecutive US jury assessment against the company of the widely used weed killer, which Bayer acquired as part of its purchase of Monsanto at $ 63 billion last year.
"The most important point is from a regulatory point of view, nothing has changed," said Condon at BMO Farm to the Market Investor Conference in New York. "We just need to get this trial sorted out and continue."
Shares in Germany-based Bayer have fallen about 38% since the first negative US court at Roundup in August in August, leaving the company at a market value less than the price paid for Monsanto.
The "phenomenal" sales are due to investors being uncertain about how to test the trials in the warehouse, Condon says.
"The experience has been in all industries (involved in litigation), these things are always solved," he said. "There has been a significant overreaction there and it is a good buying opportunity. It's almost like buying one, getting one for free."