Bayer Files Counterclaims in Arbitration With Gen-Probe
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Bayer, Germany’s second-biggest drug and chemical maker, said it filed counterclaims in an arbitration demanding tens of millions of dollars in damages from Gen-Probe Inc.
Bayer’s counterclaims allege that Gen-Probe violated terms of a contract to develop clinical tests and instruments, the Leverkusen, Germany-based company said. Bayer doesn’t expect the arbitration to be finished until late 2004.
“Gen-Probe’s delays have cost Bayer significant lost revenue and other opportunities,” said Peter Knueppel, senior vice president of Bayer’s nucleic acid diagnostics unit.
Gen-Probe, based in San Diego, initiated arbitration against Bayer’s U.S. unit in November 2002. The company claimed Bayer didn’t fulfill a marketing agreement on a viral diagnostics test that Gen-Probe developed.
Bayer shares gained 77 cents to $27.85 on the New York Stock Exchange. Gen-Probe shares fell 34 cents to $34.88 in Nasdaq trading.
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