Bayer Completes Acquisition of KaNDY Therapeutics in $875-M DealBy
Bayer has completed its previously announced acquisition of KaNDy Therapeutics, a Stevenage, UK-based clinical-stage biopharmaceutical company, in a deal worth up to $875 million.
KaNDy’s lead product is T-814, an oral, non-hormonal, once-daily drug for treating symptoms menopause, hot flashes and night sweats. With the closing of the deal, Bayer pays an upfront consideration of $425 million and potential milestone payments of up to $450 million until launch followed by potential additional triple-digit million sales milestone payments.
The acquisition expands Bayer’s drug-development pipeline in women’s healthcare. The drug recently completed a Phase IIb trial. The start of Phase III clinical trial is expected for 2021. Once approved, KaNDy said the drug could generate peak sales potential of more than EUR 1 billion ($1.2 billion) globally, according to the company’s press release in announcing the acquisition last month (August 2020).
This a second recent deal by Bayer to augment its women’s healthcare portfolio through strategic collaborations. Earlier this year (2020), Bayer announced the expansion of its partnership with Evotec, a Hamburg, Germany-based drug-discovery and development company, with a new five-year, multi-target collaboration to develop multiple clinical candidates for treating polycystic ovary syndrome, an endocrine disorder in women. In January (January 2020), Bayer signed an exclusive license agreement for the US market with Daré Bioscience, a San Diego, California-based biopharmaceutical company, focused on Daré’s vaginal contraceptive currently in clinical development.