Bayer has agreed to acquire UK-based clinical-stage biotech company KaNDy Therapeutics for an upfront consideration of $425m.
The acquisition of KaNDy Therapeutics will allow Bayer to expand its drug development pipeline in women’s healthcare.
The deal also allows KaNDy Therapeutics to secure potential milestone payments of up to $450m, as well as potential additional triple-digit million sales milestone payments.
KaNDy Therapeutics Co-founder and CEO Dr Mary Kerr said: “We believe that under the ownership of Bayer, this potential groundbreaking medicine can be optimally developed to become an important non-hormonal treatment option for women suffering debilitating symptoms of the menopause.”
Recently, KaNDy Therapeutics has completed the phase IIb trial with NT-814, a first in class, non-hormonal, once-daily and oral neurokinin-1,3 receptor antagonist.
The company reported positive results from the trial in the treatment of frequent symptoms of the menopause, hot flashes and night sweats (vasomotor symptoms). The plans are underway to begin the phase III clinical trial in 2021.
Subject to customary closing conditions, the deal is expected to be completed by September this year.
Bayer Pharmaceuticals president and management board member Stefan Oelrich said: “Bayer is focusing on innovative options to address the unmet medical needs of women worldwide.
“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.”
Earlier this year, Bayer expanded its partnership with Evotec through establishing a new five-year multi-target collaboration for the development of multiple clinical candidates to treat polycystic ovary syndrome (PCOS).
In January, the company also signed an exclusive license agreement with Daré Bioscience on its investigational, hormone-free, monthly vaginal contraceptive for the US market. It is currently in clinical development for the prevention of pregnancy.