Bayer

Bayer AG was founded on August 1, 1863, by Friedrich Bayer and Johann Friedrich Weskott in Barmen, a part of Wuppertal, Germany. The company was initially set up as a dyestuffs factory and it rapidly expanded into various chemical products. Bayer became internationally recognized after pioneering the production of aspirin, one of the most commonly used drugs in the world today.

On March 6, 1899, Bayer registered the trademark for 'Aspirin,' a drug synthesized by Bayer chemist Felix Hoffmann. Aspirin, which Bayer initially marketed as a powder, was one of the first widely used drugs to treat pain and fever. It became a flagship product for Bayer and contributed significantly to the company's growth and reputation within the pharmaceutical industry.

During World War I, Bayer was involved in the production of military supplies, including drugs and chemicals that were used in warfare. After the war, the Treaty of Versailles seized many of Bayer's patents as war reparations. The company's international operations were significantly affected, and Bayer lost the U.S. rights to the 'Aspirin' trademark, which became a generic term in the United States.

On December 1, 1925, Bayer became part of IG Farben, a massive German chemical conglomerate formed through the merger of six companies. IG Farben played a significant role during World War II, including controversial activities. Bayer remained part of IG Farben until its dissolution after the war due to its involvement with the Nazi regime and war crimes.

After World War II, IG Farben was dismantled by the Allied forces due to its involvement in Nazi war crimes, and Bayer was reestablished as an independent company in 1951. The post-war reformation marked a new era for Bayer, allowing it to recover from the destruction and reputational damage sustained during the war and to rebuild its business in pharmaceuticals and chemicals.

In January 1978, Bayer acquired Miles Laboratories, an American company known for popular consumer health products such as Alka-Seltzer and Flintstones Vitamins. This acquisition was an important step in Bayer's expansion into the US market, enhancing its presence in consumer health and pharmaceuticals and providing a valuable foothold for future growth.

In the early 1990s, Bayer's pharmaceuticals business unit, Cutter Biological, came under scrutiny when it was revealed that the company continued selling old blood plasma products, contaminated with HIV, in Asia and Latin America after newer, safer versions were available. This led to a significant scandal and lawsuits, damaging Bayer's reputation and raising questions about corporate ethics.

On June 14, 2002, Bayer acquired Aventis CropScience, forming Bayer CropScience. This acquisition made Bayer a leading company in crop science, significantly expanding their agricultural business. By entering into agricultural biotechnologies, Bayer aimed to innovate and strengthen its product lines addressing global food challenges.

On June 7, 2018, Bayer completed its acquisition of Monsanto for $63 billion. This was a landmark deal that transformed Bayer into a major player in the agriculture industry, particularly in seeds and biotech crops. The merger also brought significant legal and public relations challenges due to Monsanto's association with weed killer glyphosate and related lawsuits.

On June 24, 2020, Bayer agreed to pay over $10 billion to settle thousands of lawsuits claiming that its glyphosate-based weedkiller Roundup caused cancer. The settlement aimed to resolve approximately 75% of the 125,000 lawsuits while allowing Bayer to continue selling Roundup. This massive settlement was one of the largest civil settlements in U.S. legal history.