Skip to main content
C
CorpDigest
Search

Bayer AG

Pharmaceuticals / Life Sciences / AgricultureFounded 1863
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Bayer Acquisitions

4

Major Deals Covered

$99.4B

Disclosed Deal Value

What are Bayer's biggest acquisitions?

Bayer's largest disclosed acquisition here is Monsanto Company for $63B in 2018. This page covers 4 major deals from 1994 to 2018, each with its price where disclosed and the reason behind it.

Major deals covered
4
Largest deal
Monsanto Company ($63B)
First deal
1994
Most recent
2018
CompanyYearPricePurpose
Sterling Winthrop OTC Business1994$1.0BBayer bought Sterling Winthrop's over-the-counter drug business from SmithKline Beecham for about USD 1 billion to recover the US and Canadian rights to the Bayer name and the Bayer Cross, confiscated during World War I, together with the Aspirin trademark in Canada.
Schering AG2006$21.2BBayer acquired Schering AG of Berlin for about $19.2 billion (EUR 17 billion), roughly USD 21 billion, after counter-bidding against a hostile approach from Merck KGaA. The deal added the Mirena contraceptive franchise, oncology assets and a European pharmaceutical sales force.
Merck Consumer Care2014$14.2BBayer bought the consumer care business of Merck and Co. for USD 14.2 billion in cash, closing on October 1, 2014, to scale its non-prescription portfolio. The deal brought in Claritin, Coppertone and Dr. Scholl's.
Monsanto Company2018$63.0BBayer acquired Monsanto on June 7, 2018 at USD 128 per share, about USD 63 billion, to combine its crop protection chemistry with Monsanto's seed genetics, biotech traits and the Climate FieldView digital platform. Antitrust clearance required divestments of crop science assets to BASF.
What companies has Bayer bought?
Major acquisitions by Bayer documented here include Monsanto Company (2018), Schering AG (2006), Merck Consumer Care (2014) and Sterling Winthrop OTC Business (1994).
What is Bayer's most recent acquisition?
The most recent Bayer acquisition documented here is Monsanto Company, in 2018, for $63B.

Monsanto Company

2018

$63.0B

Why

Bayer acquired Monsanto on June 7, 2018 at USD 128 per share, about USD 63 billion, to combine its crop protection chemistry with Monsanto's seed genetics, biotech traits and the Climate FieldView digital platform. Antitrust clearance required divestments of crop science assets to BASF.

Impact

Bayer became the largest seed and crop protection company by sales, and Crop Science is now its biggest division at ~$24.4 billion (EUR 21,622 million) of 2025 sales. The deal also brought the US glyphosate litigation: about 113,000 claims were settled for USD 10.9 billion in 2020, about 65,000 claims were still pending in September 2026, and litigation provisions pushed group EBIT to minus ~$1.22 billion (EUR 1,077 million) in 2025.

Outcome

Widely described as the costliest acquisition in German corporate history. Bayer's market capitalization fell to ~$21.5 billion (EUR 19.0 billion) at the end of 2024 before recovering to ~$53.2 billion (EUR 47.1 billion) on September 30, 2026, still below the purchase price. The Monsanto brand was retired, and containment now rests on the June 2026 US Supreme Court preemption ruling and a proposed class settlement worth up to USD 7.25 billion.

Source →

Merck Consumer Care

2014

$14.2B

Why

Bayer bought the consumer care business of Merck and Co. for USD 14.2 billion in cash, closing on October 1, 2014, to scale its non-prescription portfolio. The deal brought in Claritin, Coppertone and Dr. Scholl's.

Impact

Consumer Health became a global business with broad shelf presence and generated ~$6.56 billion (EUR 5,802 million) of sales in 2025.

Outcome

The portfolio has been pruned since, but the deal built the Consumer Health division as it exists today.

Source →

Schering AG

2006

$21.2B

Why

Bayer acquired Schering AG of Berlin for about $19.2 billion (EUR 17 billion), roughly USD 21 billion, after counter-bidding against a hostile approach from Merck KGaA. The deal added the Mirena contraceptive franchise, oncology assets and a European pharmaceutical sales force.

Impact

Schering made Bayer a top-tier European pharmaceutical company and created Bayer Schering Pharma. The Mirena product family still generated ~$1.54 billion (EUR 1,366 million) of sales in 2025.

Outcome

The integration went relatively smoothly and the acquired assets remain central to the Pharmaceuticals division.

Source →

Sterling Winthrop OTC Business

1994

$1.0B

Why

Bayer bought Sterling Winthrop's over-the-counter drug business from SmithKline Beecham for about USD 1 billion to recover the US and Canadian rights to the Bayer name and the Bayer Cross, confiscated during World War I, together with the Aspirin trademark in Canada.

Impact

Bayer could market products under its own name in North America again after 76 years, and the acquired brands became the base of what is now the Consumer Health division.

Outcome

The trademark rights were restored and have been in continuous use for three decades.

Source →

Bayer AG's Growth & Acquisition Strategy

After a strategic review in March 2024 Bayer decided not to break itself up, keeping the three divisions together while it works on litigation and debt. Growth therefore has to come from inside: scaling Nubeqa, which reached ~$2.7 billion (EUR 2,385 million) of sales in 2025, and Kerendia at ~$937 million (EUR 829 million); launching Lynkuet, Beyonttra and Hyrnuo; filing gadoquatrane in radiology; and bringing the icafolin-methyl herbicide to market from 2028, starting in Brazil. The cost side is the Dynamic Shared Ownership model, which Bayer says has removed about 12,000 positions and roughly half of its management positions and which underpins a ~$2.26 billion (EUR 2 billion) annual savings target for 2026. The supervisory board extended Bill Anderson's contract to March 31, 2029 in July 2025.

How Bayer AG Makes Money

Bayer runs two very different businesses plus a consumer brand portfolio. Pharmaceuticals spent ~$3.91 billion (EUR 3,456 million) on research and development in 2025 to develop and launch patented specialty medicines in oncology, cardiovascular and renal disease, women's health and radiology, and sells them to hospitals and specialist prescribers at high gross margins. Crop Science breeds hybrid seed, licenses biotech traits such as insect resistance and herbicide tolerance, and sells matching herbicides, fungicides and insecticides through dealer and distributor networks, with the Climate FieldView platform layered on top. Consumer Health sells over-the-counter brands through pharmacy, grocery and e-commerce channels. In 2025 Crop Science produced ~$24.4 billion (EUR 21,622 million) of sales, Pharmaceuticals ~$20.1 billion (EUR 17,829 million) and Consumer Health ~$6.56 billion (EUR 5,802 million).

Bayer Acquisitions FAQ

When and for how much did Bayer acquire agricultural biotechnology leader Monsanto?

In June 2018, Bayer acquired St. Louis-based agricultural giant Monsanto Company for $63 billion in cash ($128 per share), representing the largest foreign acquisition in German corporate history, subsequently retiring the Monsanto corporate brand name.

When did Bayer acquire Merck & Co.'s global Consumer Care business?

In October 2014, Bayer acquired the Consumer Care business of U.S. pharmaceutical company Merck & Co. for $14.2 billion in cash, adding world-leading over-the-counter brands Claritin, Coppertone, and Dr. Scholl's.

When did Bayer acquire German pharmaceutical company Schering AG?

Bayer acquired Schering AG of Berlin in 2006 for about $19.2 billion (EUR 17 billion), counter-bidding against a hostile approach from Merck KGaA. The deal created Bayer Schering Pharma and added the Mirena contraceptive franchise and oncology assets; the Mirena family still generated ~$1.54 billion (EUR 1,366 million) of sales in 2025.

When did Bayer acquire Aventis CropScience to build its agricultural foundation?

Bayer acquired Aventis CropScience in 2002 for about $8.19 billion (EUR 7.25 billion), which created Bayer CropScience and made crop protection chemistry a core business alongside pharmaceuticals.

How did Bayer get the rights to its own name back in the United States?

Bayer's US assets and trademarks were confiscated in 1918 and sold to Sterling Products. Bayer recovered the US and Canadian rights to its name and the Bayer Cross in 1994 by buying Sterling Winthrop's over-the-counter drug business from SmithKline Beecham for about USD 1 billion, 76 years after the confiscation.

What did Bayer agree in February 2026 to contain the Roundup litigation?

Monsanto agreed two settlements in February 2026: a proposed US nationwide class settlement for current and future non-Hodgkin lymphoma claims, funded by declining capped annual payments for up to 21 years totalling up to USD 7.25 billion, and a separate agreement resolving certain other claims. A Missouri court granted preliminary approval in March 2026.

How did the US Supreme Court rule on Roundup in 2026?

In June 2026 the US Supreme Court ruled 7 to 2 in Monsanto v. Durnell that the Federal Insecticide, Fungicide, and Rodenticide Act expressly preempts state failure-to-warn claims where the EPA has made a definitive determination on product safety. The ruling does not reach design-defect claims, which opt-out plaintiffs are still pursuing.

What major agricultural divestitures was Bayer required to make to close the Monsanto merger?

To clear antitrust review of the Monsanto merger in 2018, Bayer had to divest a package of crop science assets to BASF, including its LibertyLink glufosinate herbicide business, vegetable seeds and parts of its digital farming activities. BASF later brought arbitration over indemnities from those agreements, which ended without an award against Bayer in April 2026.

Why did Bayer buy Monsanto?

Bayer bought Monsanto for $63 billion in 2018 to dominate global agriculture, but the deal is widely considered one of the worst acquisitions in corporate history due to the massive, unforeseen cancer lawsuits tied to Roundup.

Related M&A Histories

Compare corporate acquisition records, deal values, and strategic targets

Competitor

Pfizer

View M&A Histories
Competitor

Novartis

View M&A Histories
Competitor

Roche

View M&A Histories

Explore Bayer

Core profile pages, founders and related research hubs for this company.

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.