Bayer has announced it will cut 12,000 jobs worldwide and sell its animal health division, which could be worth £6.2bn.
The German drug giant explained that the measures will include a reduction of around 12,000 of 118,200 jobs worldwide.
More than 4,000 jobs will go at the company's crop sciences division.
The company has also announced it intends to exit the animal health business due to “planned efficiency and structural measures”.
Bayer anticipates annual contributions of 2.6 billion euros from 2022 as a result of these measures.
Werner Baumann, CEO of Bayer, said: “Through the end of 2022 alone, we aim to invest a total of around €35 billion in the company’s future, with research and development accounting for over two thirds of this figure and capital expenditures for just under one third.”
Shares in Bayer have substantial decreased by over a third so far in 2018, partly due to concerns over the company's exposure to lawsuits involving Roundup, a weedkiller made by Monsanto.
In October, San Francisco Superior Court upheld a jury's verdict that Monsanto's 'Roundup' weedkiller caused a school caretaker's cancer, but drastically reduced the amount of money to be paid from $289m to $78m.
