MustGrow and Bayer report on progress
The collaboration between Bayer and MustGrow Biologics is gaining momentum. After the Canadian biological agricultural specialist received the first milestone payment from the German agrochemicals group in August 2026, the two companies held their first joint webcast this week. MustGrow COO Colin Bletsky and Bayer’s Ralf Glaubitz discussed the global market opportunities for biological crop protection products, regulatory frameworks and the prospects for their partnership. The two companies have been working together since December 2023. Bayer holds exclusive marketing rights for MustGrow’s pre-registered TerraMG™, a mustard-based biocontrol technology for soil applications, in Europe, the Middle East and Africa (EMEA). The first milestone payment was linked to technical development progress. Further payments could follow upon achieving additional development targets. Overall, MustGrow estimates the value of the agreement, including the development work funded by Bayer, at USD 35 to 40 million over a period of 5 to 7 years. If commercialisation succeeds, MustGrow would also benefit from royalties and manufacturing revenues.
Bayer and MustGrow are convinced of the potential of biological crop protection products. MustGrow COO Colin Bletsky expects the global market for biological agricultural products to grow by around 15% annually over the next 5 to 8 years. The market is currently worth around USD 20 billion, while the overall market for crop protection products and fertilisers amounts to around USD 380 billion. Bayer’s Ralf Glaubitz sees major opportunities in Europe, particularly as stricter regulations increasingly restrict the use of chemical crop protection products. MustGrow’s TerraMG™ technology for controlling nematodes and soil-borne diseases in high-value fruit and vegetable crops is of particular interest. Glaubitz confirmed that Bayer has demonstrated TerraMG’s efficacy in field trials under real growing conditions. The product can also be applied easily using conventional agricultural equipment. These results were decisive in securing the first milestone payment in August. Even before entering the partnership, Bayer had thoroughly assessed the technology for almost two years, including its efficacy, prospects for EU regulatory approval, and the patent situation. Bletsky emphasised that MustGrow would take significantly longer to enter the European market without Bayer’s scientific and regulatory expertise.
Will MustGrow shares take off now? At a share price of CAD 0.38, the company is valued at approximately CAD 30 million. GBC Research believes this is too cheap. Analysts see the price target of MustGrow shares at CAD 2.51 (EUR 1.54) and rate it a Buy. Alongside developing TerraMG™ with partner Bayer, MustGrow is already marketing the biofertility product TerraSante™ in the US, where it is approved for sale in 12 states. Demand has recently been exceeding supply. Production at contract manufacturers is therefore currently being ramped up.
Bayer with good news
How is MustGrow’s partner, Bayer, doing? The Leverkusen-based company’s shares appear to have overcome their weak spell from early October. They have risen noticeably in recent days, and attention is turning to the year’s high of EUR 54. Two positive pieces of news from the pharmaceuticals business put investors in a buying mood this week.
Over the weekend, the group presented compelling study data for its prostate cancer drug Nubeqa. In a Phase III study involving patients at high risk of relapse, the combination of Nubeqa with androgen deprivation therapy and radiotherapy reduced the risk of metastases or death by 58% compared with the comparison group. After four years, 95% of patients treated with Nubeqa were free of metastases, compared with 88% in the control group. The results could broaden the use of the already approved drug and thereby unlock additional revenue potential.
Analysts praised Monday’s announcement that Bayer had received approval in China for its new anticoagulant Asundexian. Under the brand name Sunharbo, the drug is intended to reduce the risk of recurrent strokes in certain high-risk patients. This is the world’s first approval of a so-called factor XIa inhibitor. In a large-scale Phase III study involving more than 12,000 participants, Asundexian reduced the risk of recurrent ischaemic stroke by 26% without increasing the overall incidence of bleeding. Analysts believe the drug could generate billions in long-term revenue. Asundexian could therefore offset some of the revenue losses from the existing blockbuster Xarelto. Applications for approval in other major markets are currently under review.
CTS Eventim: Things are getting exciting
Things are getting interesting at CTS Eventim ahead of its Capital Markets Day, as an activist US investor is applying pressure. Ananym Capital has acquired a stake in the German ticketing and concert promotion company and sees substantial share price potential. Fund co-founder Charlie Penner sees CTS Eventim as undervalued relative to its US competitor Live Nation. He believes the share price could rise by up to 100%. To close this valuation gap, Ananym is calling, among other things, for more extensive share buybacks, greater transparency with investors and a more stable leadership structure. Most recently, CTS Eventim replaced its CFO for the third time in six years. The subdued outlook for 2026 has also weighed on investor confidence. At one point, the share price almost halved from its record high in May 2025. On November 20, CTS Eventim will hold its first capital markets day. In Penner’s view, this could offer an opportunity to convince international investors of the company’s prospects. The response from founder and major shareholder Klaus-Peter Schulenberg is likely to be interesting. The entrepreneur is considered headstrong and unwilling to compromise. It seems doubtful he will readily allow a US activist investor to dictate terms to him. An intriguing power struggle could therefore develop at CTS Eventim.
Ananym Capital is no unknown quantity. The US investor, founded in 2024 by Charlie Penner and Alex Silver, has already acted as an activist shareholder at several listed companies. In Germany, Ananym made headlines in late 2025 when the fund acquired a stake in Siemens Energy and called for a spin-off of its wind power subsidiary Siemens Gamesa. The investor saw substantial share price potential in this. Ananym also pushed for a break-up of the business at US industrial group Baker Hughes. In doing so, Ananym takes a more cooperative approach and seeks dialogue with management. Penner explicitly described the investment in CTS Eventim as friendly.
Conclusion
CTS Eventim shares have recovered from their year-to-date lows, but remain down around 18% in 2026. An activist investor could bring changes to the company. MustGrow could benefit from the additional attention generated by its partnership with Bayer, as well as from further milestone payments. These could exceed the company’s current market capitalisation. Bayer itself is also making progress.
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