JessicaDavid
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Bayer to Acquire UK-Based Biotech Kandy Therapeutics Ltd.

Bayer a pioneer in women's healthcare, and Kandy Therapeutics Ltd, a UK-based clinical-stage biotech firm, today announced that Bayer would acquire Kandy Therapeutics Ltd. to expand its women's healthcare drug development pipeline. Kandy Therapeutics Ltd. has recently completed and released the finding results of the Phase IIb dose range for its investigational drug, NT-814, a first-in-class potential, administered orally once daily, neurokinin-1,3 receptor antagonist that showed promising results for the treatment of mild to extreme menopause-related vasomotor symptoms. Phase III clinical trials are scheduled to begin in 2021. The compound, once authorized, could generate global peak sales potential of more than €1bn.

Up to 75 percent of women over the age of 50 are experiencing menopausal vasomotor symptoms1. Such symptoms may weaken those affected over many years and can contribute to major increased health care and economic costs2.

Under the terms of the deal, Bayer must pay an initial fee of $425 million, potential milestone payments of up to $450 million before launch followed by possible additional triple-digit million revenue milestone payments. Closing is subject to customary conditions, notably antitrust clearance, and is scheduled to take place by September 2020.

"As a pioneer in women's health, Bayer is focused on providing women with new solutions and their healthcare needs," said Dr. Sebastian Guth, Bayer's Pharmaceuticals Chief, Americas Region. "This transaction is yet another testament to our dedication to women's health, which not only expands our pipeline but also has the ability, if accepted, to provide a new treatment choice that could have a huge effect on women's lives."

"Bayer was our chosen partner because of its leading role in women's healthcare," said Dr. Mary Kerr, Kandy Therapeutics Ltd's co-founder, and CEO. "We believe this ability can be optimally established first in class medicine under Bayer 's ownership to become an effective non-hormonal treatment choice for women suffering from menopause-related vasomotor symptoms."

Another significant step in growing Bayer's own women's healthcare portfolio by strategic partnerships and agreements is the acquisition of Kandy Therapeutics Ltd. Earlier in 2020, Bayer announced a new five-year multi-target agreement to extend its relationship with Evotec to develop several therapeutic candidates for the treatment of polycystic ovary syndrome ( PCOS), the most common endocrine condition in premenopausal women. Bayer has signed an exclusive licensing agreement with Daré Bioscience for the U.S. market in January 2020, focusing on its investigational, hormone-free, monthly vaginal contraceptive currently undergoing clinical development for pregnancy prevention.

This partnership was led by the Bayer Pharmaceuticals Business Development & Licensing team. Morgan Stanley serves as Bayer's financial adviser, while Linklaters works as legal counsel. Goldman Sachs International serves as a financial advisor to Kandy Therapeutics Ltd., while Goodwin serves as legal counsel.

Kandy Therapeutics Ltd. was formed in 2017 as a spin-off from NeRRe Therapeutics Ltd., a UK-based private clinical-stage biotech company. It is led by an experienced management team and funded by investors in life sciences that are globally recognized: Advent Life Sciences, Fountain Healthcare Partners, Forbion Capital Partners, OrbiMed, and Longitude Capital. Kandy Therapeutics is based on the state-of-the-art Stevenage Bioscience Platform, a leading company location for designing and selling cutting edge therapies.

NT-814 is an orally administered small investigational dual antagonist of both neurokinin-1 and 3 receptors and is believed to resolve vasomotor symptoms by modulating a group of estrogen-sensitive neurons in the brain hypothalamus (KNDy neurons) that are hyperactive in menopausal women due to the absence of estrogen and thus disrupt the heat regulation system of the body.

Bayer is a multinational company with key competencies in the health care and nutrition areas of life science. Its goods and services are designed to help people by promoting efforts to address the major challenges faced by a global population rising and aging. The Group is simultaneously aiming to increase its earning power and build value through innovation and growth.

Bayer is committed to sustainable development values and the Bayer brand stands for confidence, reliability, and efficiency around the globe. The Company hired about 104,000 people in fiscal 2019 and had a revenue of € 43.5 billion. Capital expenditure was EUR 2.9 billion, R&D expenditure EUR 5.3 billion.

Bayer is committed to providing Research For A Better Life through the development of a portfolio of groundbreaking therapies. Women's wellbeing has been at the forefront of Bayer's gynecology franchise for several years including family planning and menopause management.

Bayer's research activities currently concentrate on seeking new therapeutic solutions for gynecological disorders with a strong medical need, which include many research products in various stages of preclinical and clinical growth. These projects together reflect the company's research strategy, which prioritizes goals and pathways with the potential to alter the way gynecological diseases are treated.
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