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Bayer: Will the Pillars Crumble?

Bayer's voluntary withdrawal of cholesterol drug Baycol increased the pressure on the German chemicals conglomerate to sell its pharmaceuticals business. Bayer's decision to hold on to it--albeit less tightly--reflects both strategic and cultural concerns.

Bayer AG 's voluntary withdrawal in August of cholesterol-lowering cerivastatin (Baycol/Lipobay) increased the already strong pressure on the 130-year-old German chemicals conglomerate to let go of its four-pillar structure combining Chemicals, Polymers, Agriculture and Health Care. As compatriots have streamlined their businesses—BASF AG took $6.9 billion in cash last year for its pharmaceuticals business from Abbott Laboratories Inc. [See Deal] and picked up American Home Products Corp. 's agrochemicals business Cyanamid, while Hoechst AG sold off its non-life sciences businesses in 1998 before merging with France's Rhône-Poulenc Rorer to form Aventis SA [See Deal]—Bayer has hung stubbornly on to its diverse operations. Last year, these posted sales of €31 billion, of which one third were in Health Care.

The company announced the withdrawal of Baycol, its second biggest drug, on August 8th, after reports of 52 deaths linked...

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