Bayer shares jumped to a two-year high. The pharmaceutical company was supported by the US authorities

Shares of German biotech Bayer rose almost 14% in trading on December 2 and updated the intraday high in almost two years - since January 2024, according to Yahoo Finance data .

The rally began after U.S. Solicitor General Dean John Sauer urged the Supreme Court of the country to limit further lawsuits against the concern, writes CNBC. It is about the mass litigation around herbicide Roundup - a chemical means for destroying weeds. Bayer is facing thousands of lawsuits alleging that the drug causes serious health problems, including cancer. The company has already paid out billions of dollars in such lawsuits, CNBC recalls. For example, in March, a Georgia court ordered it to compensate for $2.1 billion in damages, and before that several cases ended with Bayer agreeing to a settlement totaling $10.9 billion.

The Solicitor General supported the company's argument that federal pesticide laws take precedence over individual state regulations.

"The U.S. government's support is an important step and good news for American farmers who need regulatory certainty," said Bayer CEO Bill Anderson.

This article was AI-translated and verified by a human editor