Bayer AG agreed to acquire US biotech company Asklepios BioPharmaceutical Inc (AskBio) for as much as US$4 billion, bolstering its pharma division with experimental gene therapies before patents expire on some key drugs.
The German chemicals giant is to pay US$2 billion upfront and another US$2 billion in potential milestone payments in cash for closely held AskBio, a North Carolina-based company that is developing gene therapies for ailments such as Parkinson’s disease and congestive heart failure.
Bayer is expanding in the cutting-edge field of gene and cell therapies at a time when its blockbuster drugs age and the company’s crop-protection business reels from the COVID-19 pandemic’s effects on farm commodities after its purchase of Monsanto.
Bayer said in a statement that it created a special business unit for cell and gene therapies, bringing together research performed by other entities including BlueRock Therapeutics, which it fully acquired last year.
“It’s an incredible addition for us in our emerging cell and gene-therapy business,” Bayer head of pharma Stefan Oelrich said in an interview. “A puzzle is coming together, with AskBio really being our centerpiece.”
The US company, founded in 2001, has a contract manufacturing business that makes components used by other cell and gene-therapy companies — a division whose returns have helped fund AskBio’s search for its own experimental treatments.
The booming industry means “right now there’s not enough manufacturing services available,” AskBio cofounder and chief executive officer Sheila Mikhail said in a telephone interview.
AskBio has licensed products undergoing clinical trials for treating patients with hemophilia and Duchenne muscular dystrophy to drugmakers including Pfizer Inc.
It is also developing medicines for other neuromuscular, central nervous system, cardiovascular and metabolic diseases, the company said.
AskBio had been preparing for an initial public offering when it was first approached by Bayer, Mikhail said.
The advantages of being acquired included getting access to Bayer’s extensive library of small molecules, which could help drive down costs of medicines, and benefiting from Bayer’s experience in conducting clinical trials, she said.
Bayer expects the deal to close later this year and said that AskBio would continue to operate as an independent company.
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