UK BioTech KaNDy Therapeutics has been snapped up by German-headquartered pharmaceutical giant Bayer.
The acquisition of the South East firm, which is for an initial consideration of £325 million, is set to boost Bayer’s drug development pipeline in women’s healthcare.
KaNDy is targeting treatments for the menopause with a phase III clinical trial set for 2021. Once approved, its compound could generate peak sales potential of more than €1 billion globally.
Under the deal, Bayer may also make additional milestone payments of up to £345m until launch followed by potential additional triple–digit–million sales milestone payments.
Dr. Mary Kerr, co-founder and CEO of KaNDy Therapeutics, said: “Bayer has been our preferred partner due to its leading position in the area of women’s healthcare.
“We believe that under the ownership of Bayer, this potential novel medicine can be optimally developed to become an important non-hormonal treatment option for women suffering debilitating symptoms of the menopause.”
Stefan Oelrich, Member of the Board of Management of Bayer and President Pharmaceuticals, added: “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.”