Bayer bought gene therapy company Asklepios BioPharmaceutical, commonly known as AskBio, Oct. 26 in a deal totaling $4 billion.
Under the deal, Bayer will own full rights to AskBio's gene therapy platform, which focuses on adeno-associated viruses. Bayer will also own AskBio's existing gene therapy manufacturing platform and take over its various products in clinical testing to treat metabolic, cardiovascular, neuromuscular and central nervous system conditions.
Bayer will pay $2 billion to AskBio upfront, as well as an additional $2 billion in success-based milestone payments.
"In line with our purpose 'science for a better life', we are committed to bringing significant improvements for patients through innovation,” Bayer CEO Werner Baumann, said in a news release. "With this acquisition, Bayer significantly advances the establishment of a cell and gene therapy platform that can be at the forefront of breakthrough science, contributing to preventing or even curing diseases caused by gene defects and further driving company growth in the future."
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