Healthcare group Bayer falls by more than 2 percent in earlysession trading, impacting rival companies such as GlaxoSmithKline andweighing on Germany's DAX index, after Bayer is dealt a blow byBritain's healthcare cost agency.
Britain's healthcare cost agency recommends against using Bayer's newprostate cancer drug Xofigo on the state health service because the German firmdid not provide evidence on how well it worked compared to other therapies.
The ruling causes Bayer's shares to fall by 2.1 percent to 96 euros in earlysession trading, and the healthcare sector overall takes the most points off thepan-European FTSEurofirst 300 index, which is down by 0.5 percent.
Bayer also takes the most points off the DAX index, which is down by 0.5percent.
"I am 'underweight' on the healthcare sector. I don't see much growth andthere is too much competition," says Clairinvest fund manager Ion-Marc Valahu.
Reuters messaging rm://sudip.kargupta.thomsonreuters.com@reuters.net