Bayer divests its interest in Millennium
Leverkusen - Bayer sold its shareholding in the U.S. biotechnology company Millennium Pharmaceuticals, Inc. (Nasdaq: MLNM). The shares were purchased in 1998 when Bayer made an equity investment of around US$97 million in Millennium as part of a research agreement, which will be successfully concluded on October 31, 2003. The approximately 19.8 million shares (about 6.6 percent of Millennium's share capital) were sold in a block trade to the investment bank CSFB for resale. Bayer will use the proceeds of more than US$ 300 million to further reduce its net debt.
Forward-Looking Statements This news release contains forward-looking statements based on current assumptions and forecasts made by Bayer Group management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including our Form 20-F).The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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