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STOCKS NEWS EUROPE-Bayer hit by UK ruling, weighs on DAX index

Reuters - UK Focus

Healthcare group Bayer (Milan: BAY.MI - news) falls by more than 2 percent in early session trading, impacting rival companies such as GlaxoSmithKline (Other OTC: GLAXF - news) and weighing on Germany's DAX index, after Bayer is dealt a blow by Britain's healthcare cost agency.

Britain's healthcare cost agency recommends against using Bayer's new prostate cancer drug Xofigo on the state health service because the German firm did 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 early session trading, and the healthcare sector overall takes the most points off the pan-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 0.5 percent.

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"I am 'underweight' on the healthcare sector. I don't see much growth and there is too much competition," says Clairinvest fund manager Ion-Marc Valahu.

Reuters messaging rm://sudip.kargupta.thomsonreuters.com@reuters.net