Bayer to acquire AskBio for up to $4 billion

Monday, 26. October 2020 09:37

Bayer AG announced on Monday that it is acquiring American biotechnology company Asklepios BioPharmaceutical Inc. (AskBio) in a deal worth up to $4 billion. The German pharma giant said it will pay $2 billion upfront and up to $2 billion in milestone-based payments over the next several years. The transaction is expected to close in the fourth quarter of 2020.

According to the statement, it will own full rights to AskBio’s gene therapy platform. "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," said Bayer's Chairman of the Board of Management Werner Baumann.

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Breaking the News / DJ