- Innovative non-hormonal oral compound NT-814 to alleviate menopausal symptoms
- Development compound recently completed Phase IIb
- Upfront consideration of USD 425 million and additional potential consideration in the form of milestone payments
Forbion, a leading European life sciences venture capital firm, today announces that Bayer, a global leader in women’s healthcare, will acquire the UK-based biotech KaNDy Therapeutics Ltd. to expand its drug development pipeline in women’s healthcare.
KaNDy Therapeutics Ltd. recently 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 (vasomotor symptoms). The start of Phase III clinical trial is expected for 2021. Once approved, the compound could generate peak sales potential of more than EUR 1 billion globally.
Under the terms of the agreement Bayer will pay an upfront consideration of USD 425 million, potential milestone payments of up to USD 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.
Geert-Jan Mulder, MD, Managing Partner and co-founder at Forbion said, “We have been investors in KaNDy since 2017, having recognized the critical importance of the work that Mary and the team were doing in women’s health. We are delighted that Bayer has decided to acquire KaNDy and support the ongoing work around the symptoms of menopause.”
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“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. “We believe that under the ownership of Bayer, this potential groundbreaking medicine can be optimally developed to become an important non-hormonal treatment option for women suffering debilitating symptoms of the menopause.”
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.
Source: Biospace
