Munich — Bayer has struck an $875m deal to acquire British women’s health biotech Kandy Therapeutics, bolstering its pharmaceuticals division before patents expire on some key products.
Kandy’s drug NT-814 is expected to start a final-stage clinical trial next year and could generate peak sales of €1bn globally, Bayer said in a statement on Tuesday. Bayer rose as much as 1.8% in Frankfurt. Last August, Bayer’s pharma unit agreed to pay as much as $600m to buy the remainder of cell therapy biotech BlueRock Therapeutics. At the time, Stefan Oelrich, Bayer’s head of pharma, said that the best value-creating deals in the industry in recent years have targeted early-stage companies with products that wound up becoming blockbusters.
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