Bayer joins string of drugmakers being investigated in China

German pharma and crop sciences major Bayer (BAYN: DE) is being investigated in China over a “potential case of unfair competition,” the company confirmed on Friday (September 13), making it the latest foreign drugmaker to come become embroiled in China’ sweeping probe into foreign pharmaceutical firms, accusing some of abusing their monopoly positions to boost prices unfairly.

Without giving details, Bayer said it is cooperating with Chinese authorities in the investigation after industry and commerce regulators visited a Bayer office at the end of August, noting that it would investigate any allegations thoroughly and take proper action.

"In China, as in other regions around the globe, it is our responsibility to base our business models on absolute integrity," it said in a statement, noting: "At Bayer we have very strict compliance rules in place, which clearly forbid incompliant behavior of our employees."