Bayer's Dual Bet: Biologics in the Field, Filings Abroad, and a Missouri Courtroom Still Calling the Shots

Bayer's venture arm closed a Series A for Robigo; Kerendia and sevabertinib scored regulatory wins as a $7.25B Roundup settlement awaits a Missouri ruling.

Bayer's venture arm has planted another seed. On Thursday, Leaps by Bayer closed a Series A round for Robigo, a move aimed at advancing biological crop-protection solutions. The Leverkusen group declined to disclose the financial terms of the transaction.

The investment fits a broader pattern of portfolio diversification in Bayer's agricultural division. Earlier in September, Crop Science flagged two of ten planned new products, each projected to reach peak annual sales of at least EUR 500 million. Additional launches in the segment are on the docket as the company works to shore up future earnings power.

Regulatory Wins Stack Up Across Pharma

Progress on the pharmaceutical side has been just as steady. Japan's regulator received an application on August 28 for Kerendia in non-diabetic chronic kidney disease, a filing backed by Phase 3 data. The submission targets a wider therapeutic footprint for finerenone across Asia.

Stateside, the FDA granted Kerendia approval for adults with chronic kidney disease tied to type 1 diabetes — the first new treatment option for that indication in the United States in three decades. A separate FDA decision on September 9 handed accelerated approval to sevabertinib as a first-line option for adults with HER2-mutant non-small cell lung cancer. Bayer launched a Phase II trial the same day for BAY 3670549, a GIRK4 inhibitor, in patients with atrial fibrillation.

These pipeline advances matter for a company facing mid-term patent expirations on older medicines, and they arrive alongside a mixed operating picture.

Crop Science Carries the Quarter as Pharma Marketing Bites

In the second quarter of 2026, Bayer posted group revenue of EUR 10.87 billion and adjusted EBITDA of EUR 2.14 billion. Crop Science powered the result with adjusted earnings up 30.2% year over year, while the pharmaceutical business saw earnings slide 3.6%. Management attributed the decline to heavier marketing spending tied to the rollout of new medicines.

To reinforce the balance sheet, Bayer has leaned on partnerships. More than a month ago, an agreement with Apollo Global Management secured EUR 3.0 billion in equity. The DAX-listed group retains majority ownership and operational control of its long-acting contraceptive business.

Roundup Settlement Awaits a Missouri Ruling

Legal legacy issues, meanwhile, remain the dominant force shaping market sentiment. At a hearing roughly a week ago on a Roundup settlement, Bayer's Monsanto unit asked a Missouri court to approve a $7.25 billion agreement designed to resolve tens of thousands of US claims alleging cancer risks. No final ruling followed the session.

The pending deal had already been postponed once, giving parties extra time to work through objections from potential opt-outs following a Supreme Court decision. Uncertainty over the legal resolution kept investors cautious: on Friday, Bayer shares fell 2.3% to close the trading week at EUR 47.96. Even so, the stock is up 30% since the start of the year. A durable re-rating will likely hinge on legal clarity in the US as much as on operational wins across the divisions.