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Bayer announced its intention to purchase KaNDy Therapeutics Ltd. This is a UK-based clinical research biotechnology company. The acquisition is part of a development strategy for women’s healthcare products.
Therapy for women will enter phase III of clinical trials
KaNDy Therapeutics is working on the development of the NT-814 molecule, the first non-hormonal neurokinin 1 and 3 receptor antagonist for women to be taken orally once a day. Its phase IIb clinical trials have been completed. The molecule has been shown to have positive results for the treatment of frequent peri-menopausal symptoms in women, such as hot flashes and night sweats. Phase III clinical trials are scheduled to start in 2021.
It is estimated that the molecule can generate revenues of more than 1 billion euros after it is put on sale.
Bayer will divide payments into tranches
Under the agreement, Bayer will pay $425m in advance. Subsequent tranches are to be paid for the completion of the next stages of work on the molecule until the drug is launched on the market. If the sale of the drug achieves certain sales targets, Bayer will pay out further installments of hundreds of millions of dollars.
The companies announced the acquisition in August. However, the transaction is expected to be completed in September 2020. Prior to this, Bayer must obtain approval from the antitrust authority.