Bayer also plans to sell its animal health division, which is estimated to be worth up to $7.9bn. Shares in the German drug giant have fallen more than a third this year.
Investors are scared of the ramifications that some 9,000 lawsuits will bring over the alleged carcinogenic effects of Monsanto weedkillers. The shares first dropped in August, where a US ruling linked glyphosate to cancer. Bayer however, has claimed that Glyphosate , which is used in Monsanto’s Roundup and RangerPro is completely safe.
The company acquired Dr Scholl and Coppertone four years ago when it bought Merck’s consumer healthcare division for $14bn.The unit is grappling with falling revenues as US consumers switch to online shops and cheaper brands.
Bayer will also seek a buyer for its 60% stake in German chemical production site services provider Currenta. The $66bn merger with Monsanto in 2016 created the world’s biggest seeds and pesticides company back then.
Its decision to sell its animal health business means Bayer will now focus on pharmaceuticals, consumer health and crop science.
More than 4,000 jobs in the combined crop science division will go by the end of 2021.
Bayer chief executive Werner Baumann stated: “These changes are necessary and lay the foundation for Bayer to enhance its performance and agility.”
The job cuts and sales will result in estimated costs of more than $4.55bn.