Bayer to Buy Vividion Therapeutics
August 05 2021 - 1:50AM
Dow Jones News
By Maria Armental
Bayer AG is buying Vividion Therapeutics Inc. in a roughly $2
billion deal that would strengthen Bayer's drug discovery
capabilities.
The German pharmaceuticals giant said it would pay $1.5 billion
up front and up to $500 million if certain milestones are met.
San Diego-based Vividion, spun out from the Scripps Research
Institute, had filed documents this year for an initial public
offering. The company was formed around a technology platform for
developing medications aimed at proteins thought to be
"undruggable."
"Despite the hundreds of human proteins known to cause disease,
about 10% of these targets are drugged by current therapies and the
remaining targets, inaccessible to conventional chemistry, are
perceived as pocketless or undruggable," the biotechnology company
said in the IPO documents.
Vividion has initially focused on cancer and immune disorders.
Its programs are in preclinical development, and the company
currently generates revenue from collaboration agreements.
"Vividion's technology is the most advanced in the industry, and
it has demonstrated its ability to identify drug candidates that
can target challenging proteins," Stefan Oelrich, president of
Bayer's pharmaceuticals division, said in a statement.
Under the terms of the agreement, Vividion will continue to
operate as an independent organization, Bayer said.
The acquisition is expected to close in the third quarter.
Vividion's investors include ARCH Venture Partners, Versant
Ventures and Cardinal Partners, according to the IPO documents.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 05, 2021 01:44 ET (05:44 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Bayer Aktiengesellschaft (PK) (USOTC:BAYRY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bayer Aktiengesellschaft (PK) (USOTC:BAYRY)
Historical Stock Chart
From Apr 2023 to Apr 2024