A verdict against Monsanto is spelling trouble for Bayer, the company that bought Monsanto for $63 billion earlier this year.
Friday’s verdict found that St. Louis-based Monsanto owes $289 million in damages in a lawsuit alleging that a California man has terminal cancer because of repeated exposure to Roundup at his job. Following the decision, Bayer’s shares plummeted.
Bayer’s stock fell as much as 14 percent Monday and lost about $14 billion in value.
In addition to Friday’s verdict, Monsanto faces more than 5,000 similar lawsuits across the country.
On June 7, Bayer officials said the company was about two months away from officially beginning to integrate with Monsanto.
Monsanto said it would appeal the jurors’ decision to fine the company $289 million in damages and denied that glyphosate — a key ingredient in Roundup — causes cancer.
Read more: St. Louis Post-Dispatch