Bayer's Quiet Rebuild: Amundi Ups Its Stake as Kerendia Wins New FDA Nod and Stivarga Heads to Grünenthal
Published on 09/28/2026 at 14:21 | Editorial boerse-global.de
Bayer's institutional register has shifted at the margins. Asset manager Amundi S.A. lifted its voting stake in the Leverkusen group to 3.04 percent from 2.96 percent, with the threshold crossing dated 14 September 2026 — a modest but telling addition while the company reworks its capital structure.
The pharma and agriculture giant has been busy on several fronts at once, and the pieces are beginning to interlock.
A Wider Label for Kerendia
On 17 September, the US Food and Drug Administration cleared finerenone, marketed as Kerendia, for the treatment of adults with chronic kidney disease linked to type 1 diabetes. The decision broadens the drug's approved indications in the American market, handing Bayer's pharmaceutical division a fresh commercial opening.
Financing the Reset
Behind the pipeline news sits a substantial refinancing effort. Bayer placed hybrid bonds totaling EUR 2 billion, split into two tranches of EUR 1 billion each, carrying coupons of 5.75 percent and 6.25 percent and non-call periods of six and nine years respectively. Proceeds are earmarked for general corporate purposes, giving the group added financial latitude. The issue lifts Bayer's outstanding hybrid bond volume to EUR 6.55 billion.
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That move came roughly a week after Apollo and KKR closed a EUR 3 billion capital solution for Bayer's LARC business. Under the arrangement, Bayer retains both the majority stake and operational control of the unit.
Trimming the Pharma Shelf
Alongside the build-out of existing medicines, management is narrowing the product range. On 21 September, Bayer agreed to sell the cancer drug Stivarga to Grünenthal for up to EUR 375 million. Completion hinges on customary closing conditions and regulatory clearances, with the parties targeting late 2026 or early 2027.
Missouri Awaits a Ruling
Legal legacies remain in play. According to Reuters, subsidiary Monsanto pressed a Missouri judge about two weeks ago to grant final approval of its proposed $7.25 billion Roundup settlement. No immediate ruling was expected from that hearing.
Where the Shares Stand
The equity has been recovering visibly after a prolonged weak stretch. Bayer stock was quoted at EUR 50.60, putting it 18 percent above its 200-day moving average of EUR 42.87, with a year-to-date gain of 37 percent. Pre-market indications showed EUR 50.06, and the shares have held above their 50-day average of EUR 48.57 — a technically supportive level. Since the settlement hearing roughly two weeks ago, the price has added 2.8 percent.
Attention now turns to the fundamental picture. Bayer publishes its third-quarter 2026 interim report on 3 November 2026, accompanied by a video call for investors.
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