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Chemistry-Pharmacy: Bayer pays up to $ 4 billion for the American Askbio

2020-10-26T11:08:58.118Z


By purchasing the specialist in gene therapy, Bayer is making significant progress in creating a therapeutic platform based on genes and cells, ”said Werner Bauman, president of the German group.


The German chemistry-pharmacy giant Bayer announced on Monday the acquisition of the American specialist in gene therapy Asklepios BioPharmaceutical, at a price that could ultimately reach 4 billion dollars (3.38 billion euros).

Bayer "will

make an initial payment of $ 2 billion

" and "

potential milestone payments, based on [the company's] success, which may reach an

additional

$ 2 billion

", the group said.

Three quarters of this sum will be paid over five years, according to the agreement reached between the two companies.

To read also: Herbicide Lasso: Bayer definitively condemned in France

Founded in 2001, Askbio specializes in the research, development and manufacture of gene therapy, a technique that involves introducing genetic material into cells to treat a disease.

The laboratory works particularly on the treatment of neuromuscular diseases, such as Parkinson's disease, but also cardiovascular and metabolic diseases.

With this acquisition, Bayer is making significant progress in creating a therapeutic platform based on genes and cells,

” said Werner Bauman, president of the German group.

The latter has already acquired for nearly a billion euros in 2019 the American company BlueRock Therapeutics, specializing in cell therapy, in particular neurological and cardiovascular diseases.

Bayer expects the sale to close in “

the fourth quarter of 2020

”, pending the green light from the competition authorities.

Read also: Coronavirus: Bayer wants to save 1.5 billion euros, "possible" job cuts

The German group, which is due to publish its third quarter results on November 3, showed a net loss of 9.5 billion euros in the second quarter.

The company announced in September its intention to save 1.5 billion euros by 2024 in addition to the 2.6 billion euros in annual savings it plans to achieve by 2022.

Source: lefigaro

All business articles on 2020-10-26

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