Bayer AG said the lawsuits filed in the US against the company, seeking compensation for the side effects of its cholesterol lowering drug Baycol, were "unfounded".

"The company considers these suits as unfounded and will vehemently defend itself," it said.

"As reported several times already, there were deaths which have been chronologically linked with taking of the drug but a causative link has not been proven," it said.

"Apart from that, the company had also advised about the literature contained in the package and information from doctors on contra-indications as well as possible dangers on very high starting dosage," it said.

"Bayer has acted responsibly and in the interest of the patient's security and health at all times. Therefore, we view the complaints with calmness; there is no reason to set aside provisions," it said.

It said the company is "surprised" about the reaction of the financial markets, "which apparently overrate the chances of success" of the lawsuits.