(Reuters) -Bayer is preparing a plan to settle some of its mass lawsuits over Roundup weedkiller in Missouri, and may also seek bankruptcy for its Monsanto (NYSE:MON) unit if the effort fails, the Wall Street Journal reported on Thursday, citing sources.
The German pharmaceutical and biotechnology group has paid about $10 billion to settle disputed claims that Roundup, based on the herbicide glyphosate, causes cancer. About 67,000 further cases are pending for which the group has set aside $5.9 billion in legal provisions.
Bayer (OTC:BAYRY) has engaged advisers from law firm Latham & Watkins and consultancy AlixPartners to examine its options, the Journal said, adding that a Chapter 11 filing by Monsanto would pause lawsuits against the division and open a path to settling its share of Roundup-related liability in bankruptcy court.
Reuters could not immediately confirm the report.
Bayer, Latham & Watkins and AlixPartners did not immediately respond to Reuters’ requests for comment.
Last month, Bayer petitioned the U.S. Supreme Court to restrict claims linking its Roundup weedkiller to cancer, aiming to avert billions in potential damages. The company said this week a decision could come as early as next month.
The group acquired Roundup through its $63 billion purchase of U.S. agrochemical firm Monsanto in 2018.
Bayer has since seen struggles with glyphosate litigations, a 2023 development setback for its most promising experimental medicine, weak agriculture markets and pressure from some investors to separate or sell businesses.