Bayer to acquire Biotech KaNDy Therapeutics for over Rs 3180 crore
Whippany: Bayer and KaNDy Therapeutics Ltd, a UK clinical-stage biotech company, has announced that Bayer will acquire KaNDy Therapeutics Ltd. to expand its drug development pipeline in women's healthcare.
KaNDy Therapeutics Ltd. recently completed and published the Phase IIb dose range finding study results for its' investigational compound, NT-814, a potential first in class, orally administered once-daily, neurokinin-1,3 receptor antagonist which showed positive findings for the treatment of moderate to severe vasomotor symptoms due to menopause. The start of Phase III clinical trial is expected for 2021. Once approved, the compound could generate peak sales potential of more than €1 billion globally.
Up to 75% of women, over the age of 50, going through menopausal transition, experience menopausal vasomotor symptoms. These symptoms can be debilitating for several years for those affected and may result in significant incremental healthcare and economic costs.
Under the terms of the agreement, Bayer will pay 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. Closing is subject to customary conditions, in particular anti-trust approval, and is expected by September 2020.
"As a leader in Women's Health, Bayer is focused on providing new options for women and their healthcare needs," 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."
"Bayer has been our preferred partner due to its leading position in the area of women's healthcare", said Dr Mary Kerr, Co-Founder and CEO of KaNDy Therapeutics Ltd. "We believe that under the ownership of Bayer, this potential first in class medicine can be optimally developed to become an important non-hormonal treatment option for women suffering vasomotor symptoms due to menopause."
Earlier in 2020, Bayer announced the expansion of its partnership with Evotec with a new five-year, multi-target collaboration to develop multiple clinical candidates for the treatment of polycystic ovary syndrome (PCOS), the most frequent endocrine disorder in pre-menopausal women.
Also, in January 2020, Bayer signed an exclusive license agreement with Daré Bioscience for the U.S. market, focused on its investigational, hormone-free, monthly vaginal contraceptive currently in clinical development for the prevention of pregnancy.
The Pharmaceuticals Business Development & Licensing team of Bayer facilitated this collaboration.
Morgan Stanley is serving as financial advisor to Bayer, while Linklaters is serving as legal counsel. Goldman Sachs International is serving as financial advisor to KaNDy Therapeutics Ltd., while Goodwin is serving as legal counsel.