Press Release August 08, 2019

Bayer AG to Acquire BlueRock Therapeutics at $1 Billion Value

The Life Sciences team advised BlueRock Therapeutics on its agreement to be fully acquired by Bayer AG. Following a 2016 joint venture with Versant Ventures to establish BlueRock Therapeutics, Bayer will acquire the remaining stake for approximately $240 million in cash to be paid upfront at closing and an additional $360 million payable upon achievement of pre-defined development milestones. With Bayer currently holding 40.8 percent stake, the investment corresponds to a total company value of BlueRock Therapeutics of approximately $1 billion. The closing of the transaction is expected during the third quarter of 2019. BlueRock will continue to operate as an independent company following the closing.

Goodwin represented Versant Ventures in launching BlueRock Therapeutics in which Bayer and Versant committed $225 million, representing one of the largest-ever series A financings for a biotech company in 2016.

Based in Cambridge, MA, with offices in New York, NY and Toronto, Canada, BlueRock is a leading engineered cell therapy company with a mission to develop regenerative medicines for intractable diseases. BlueRock’s CELL+GENE™ platform harnesses the power of cells for new medicines across neurology, cardiology and immunology indications.

The Goodwin team was led by partner Jason Breen with partner Robert Puopolo, counsel Nicole Daley and associates Amoli Pandya, Carly Ward and Nick Barnard and included partners Noelle Dubiansky, Sarah Solomon, Daniel Karelitz, Jennifer Fay, Paul Jin, Sarah Bock, counsel Stephanie Philbin, and associates Erini Svokos, Matthew Ambros,Nancy Urizar, Patricia Mann, Jonathan LaPlante, Nicole Spiteri, Trevor Skelly, Ana Alvarado, Michael Wheatley and Nicole Riley with invaluable assistance from paralegals Colleen Doyle, Shaleena Alli-Rampersad and Laura Quinn.

For additional details on the acquisition, please read the press release.