German pharmaceutical and life sciences company Bayer AG (ETR:BAYN) (OTC:BAYRY) announced on Wednesday a strategic partnership with biotechnology company NextRNA Therapeutics to develop small molecule drugs targeting long non-coding RNAs (lncRNAs) in oncology.

LncRNAs play a crucial role in various diseases, including cancer, making them promising therapeutic targets.

The collaboration will focus on two oncology programmes in high unmet need indications. NextRNA will provide the initial target for the first programme, while the second will involve Bayer selecting a target identified by NextRNA's platform. NextRNA will receive up to USD547m in potential payments, including upfront, milestone and royalty payments, as well as tiered royalties on net sales.