Bayer Completes Acquisition of the UK-based Biotech Company KaNDy Therapeutics Ltd.
WHIPPANY, N.J.--(BUSINESS WIRE)-- Bayer, a global leader in women’s healthcare, today announced that, further to its press release on August 11, 2020, Bayer completed the acquisition of UK-based biotech company KaNDy Therapeutics Ltd. to expand its drug development pipeline in women’s healthcare.
“We are pleased to receive antitrust clearance and to officially close on the KaNDY Therapeutics Ltd. acquisition,” said Dr. Sebastian Guth, Bayer’s President of Pharmaceuticals, Americas Region. “This acquisition is another testament to our commitment to the health of women which not only broadens our pipeline, but has the potential, if approved, to deliver a new treatment option that could have a meaningful impact on women’s lives.”
As previously announced, under the terms of the agreement Bayer pays an upfront consideration of $425 million, potential milestone payments of up to $450 million until launch followed by potential additional triple digit million sales milestone payments.
The Pharmaceuticals Business Development & Licensing team of Bayer facilitated this transaction.
Morgan Stanley was serving as financial advisor to Bayer, while Linklaters was serving as legal counsel. Goldman Sachs International was serving as financial advisor to KaNDy Therapeutics Ltd., while Goodwin was serving as legal counsel.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros. For more information, go to www.bayer.us.
About Gynecology at Bayer
Bayer is committed to delivering Science For A Better Life by advancing a portfolio of innovative treatments. Women’s health, including family planning and menopause management, has been at the center of Bayer’s gynecology franchise for many years. Today, Bayer’s research efforts focus on finding new treatment options for gynecological diseases with a high medical need, and includes several investigational compounds in various stages of pre-clinical and clinical development. Together, these projects reflect the company’s approach to research, which prioritizes targets and pathways with the potential to alter the way that gynecological diseases are treated.
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This release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer website at www.bayer.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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