FRANKFURT Bayer agreed to acquire British biotech firm KaNDy Therapeutics Ltd. for an initial $425 million to strengthen its women’s healthcare business with a prospective non-hormonal treatment of menopausal symptoms.
Apart from the $425 million upfront, Bayer agreed to pay further milestone payments of up to $450 million for certain development achievements, with potentially more than $100 million additional sales-dependent milestone payments, the German drugs and pesticides maker said in a statement on Tuesday.
KaNDy recently completed the second of three phases of testing for NT-814, a new non-hormonal daily pill for the relief of hot flushes and night sweats, which Bayer said could generate peak annual sales of more then 1 billion euros ($1.17 billion).
Bayer is seeking to revive its women’s healthcare business as sales of birth control pills, with lead brands Yaz and Yasmin, have been dragged lower by cheaper copied versions.
It is close to settling injury claims over inserted birth control device Essure for more than 1 billion euros.
Previous moves to reinvigorate the franchise include an alliance with Germany’s Evotec to develop a treatment of polycystic ovary syndrome (PCOS), the most frequent cause of female infertility.
($1 = 0.8527 euros)
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