Bayer says that it will acquire KaNDy Therapeutics (Stevenage, UK), a clinical-stage biotechnology company, to expand Bayer’s drug-development pipeline in women’s healthcare.
Bayer will pay an upfront consideration of $425 million and potential milestone payments of up to $450 million until launch followed by potential additional triple-digit-million sales milestone payments, under the terms of the agreement, the company says. Completion of the deal is subject to customary conditions, in particular antitrust approval, and is expected by next month, Bayer says.
The transaction is another step in augmenting Bayer’s own women’s healthcare portfolio through collaborations and agreements, it says. “Bayer is focusing on innovative options to address the unmet medical needs of women worldwide,” says Stefan Oelrich, board member and president/pharmaceuticals at Bayer. “With this acquisition Bayer will broaden its women’s healthcare pipeline by adding a potential novel non-hormonal oral treatment option for women during menopause.”
Bayer’s pharmaceuticals business’s development and licensing team facilitated the transaction, it says. Morgan Stanley is serving as financial advisor to Bayer, with Linklaters serving as legal counsel, the company says. Goldman Sachs International is serving as financial advisor to KaNDy Therapeutics and Goodwin is serving as legal counsel.
By: Sotirios Frantzanas
Source: Chemical Week
The total contract value is approximately €430 million. The project scope of work entails complete engineering services, equipment and material supply, installation and construction activities and, as an optional part of the scope, commissioning and start up.
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