Bayer to Buy KaNDy Therapeutics
August 11 2020 - 3:26AM
Dow Jones News
By Olivia Bugault
Bayer AG will acquire U.K.-based biotech company KaNDy
Therapeutics Ltd. in order to expand its women's health-care
pipeline with a potential new medicine, both companies said
Tuesday.
"KaNDy Therapeutics recently completed the Phase IIb with
NT-814, a first in class, non-hormonal, once-daily, oral
neurokinin-1,3 receptor antagonist, publishing positive data for
the treatment of frequent symptoms of the menopause, hot flashes
and night sweats," it said.
The phase 3 clinical trial should start in 2021 and, once the
medicine is approved, it could generate peak sales potential of
more than 1 billion euros ($1.17 billion) globally, they said.
Under the deal, the German pharmaceutical and chemical
conglomerate will pay an upfront consideration of $425 million and
a potential additional consideration in the form of milestone
payments, the companies said.
The deal includes "potential milestone payments of up to $450
million until launch followed by potential additional triple-digit
million sales milestone payments," they said.
The deal is expected to close by September 2020, once approved
by antitrust authorities in particular, they said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
August 11, 2020 03:11 ET (07:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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