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Report: Bayer planning job cuts, outsourcing to bolster pharma unit

Germany's Bayer Aktiengesellschaft is considering downsizing its drug research and development activities to give itself financial room to buy the rights to promising treatments from other biotech firms, Reuters reported, citing a person familiar with the matter.

The German giant is under pressure from investors to undertake licensing deals or make purchases to ensure the continued independence of its pharmaceutical division, the report said.

The $62.5 billion acquisition of Monsanto Co. has reshaped Bayer's revenue streams, giving greater prominence to the crop sciences unit which was in the shadow of the company's pharmaceutical and consumer health businesses.

The ongoing review is evaluating outsourcing drug testing services to cheaper contractors and will be complete in November, the news agency said.