Germany's Bayer today it was withdrawing its Baycol anti-cholesterol drug from Japan, while fears of increasing compensation claims sent the stock back on a sharp downward course.
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Bayer pulls anti-cholesterol drug Baycol/Lipobay from Japan
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Germany's biggest drugs group said the withdrawal would further reduce its 2001 operating profits.
Baycol's potentially deadly side effect of muscle weakness has been particularly notable among patients treated at the same time with another cholesterol-lowering drug, gemfibrozil.
Japan had initially been omitted from the worldwide withdrawal of Baycol/Lipobay because gemfibrozil had not been marketed there. But Bayer said it had now been informed by the Japanese health authorities that gemfibrozil would soon be registered.
The Japanese withdrawal would lower the group's full-year operating profit by up to euro 150 million, Bayer said in a statement, taking the total impact of the drug's global withdrawal to euro 750-800 million this year.
Bayer also said a German government report had linked 1,100 cases of muscle weakness to use of Baycol/Lipobay.
Thursday's news is the latest in a series of blows to hit Bayer after it withdrew Baycol on August 8th, sending its stock down as much as 28 per cent and raising questions about the company's future in drugs.
The recall has led to a spate of lawsuits against Bayer and speculation that the inventor of aspirin a century ago will have to make compensation claims for Baycol.