FILE PHOTO: Logo of Bayer AG is pictured forward of the the annual outcomes information convention of the German drugmaker in Leverkusen, Germany February 27, 2019. REUTERS/Wolfgang Rattay
FRANKFURT (Reuters) – German drugmaker Bayer on Tuesday stated it’s to spend greater than 25 billion euros ($27.22 billion) on analysis and growth at its agriculture unit over the subsequent 10 years.
“Agriculture needs to feed a growing world without starving the planet,” Liam Condon, board member and head of the crop science division, stated at an organization occasion.
Investments in crop science unit final yr, on a professional forma foundation, amounted to 2.3 billion euros, Bayer stated.
Activities inside its growth pipeline of breeding, biotech, crop safety and environmental science had an annual peak gross sales potential of 30 billion euros, of which 17 billion had been anticipated to come from current and near-term product launches, it stated.
Reporting by Tom Kaeckenhoff and Vera Eckert, enhancing by Tassilo Hummel