Life sciences venture capital firm Forbion said on Tuesday that its KaNDy Therapeutics Ltd portfolio company will be acquired by Bayer for an upfront consideration of USD425m.
In addition, Bayer expects potential milestone payments of up to USD450m as well as potential additional triple digit million sales milestone payments from the acquisition of KaNDy .
Based in the UK, KaNDy Therapeutics Ltd is a private clinical-stage biotech company. It is led by an experienced management team and backed by internationally recognised life sciences investors. KaNDy has completed the Phase IIb with NT-814, a once-daily, oral neurokinin-1,3 receptor antagonist, publishing positive data for the treatment of frequent symptoms of the menopause, hot flashes and night sweats. The start of Phase III clinical trial is expected for 2021. The compound could generate peak sales potential of more than EUR1bn globally.
Closing is subject to customary conditions, in particular anti-trust approval, and is expected by September 2020. Morgan Stanley is serving as financial advisor to Bayer, while Linklaters is serving as legal counsel.
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