Bayer to Boost Annual U.S. R&D; to $1 Billion

Bayer Corp., the U.S. unit of the German chemicals and pharmaceuticals giant, said it planned to spend $5.1 billion on research and development in the U.S. from 2000 to 2004, a significant increase from current spending levels. The unit said the lion’s share of the R&D; spending will be devoted to its life sciences segment, which includes prescription drugs and over-the-counter medicines. It said an additional $3 billion would be pegged for capital spending during the five-year period. Helge Wehmeier, chief executive of the Pittsburgh-based U.S. unit, said Bayer would spend an average of about $1 billion a year on research and development from 2000 to 2004, which he called a “significant” boost from the $812 million planned for 1999. Bayer’s American depositary receipts closed unchanged at $37.25 in over-the-counter trading.