Press Release August 11, 2020

KaNDy Therapeutics to be Acquired by Bayer for $425 Million Upfront with up to $450 Million in Development Milestone Payments and Triple Digit Millions in Commercial Milestones

The European Life Sciences team advised UK-based biotech KaNDy Therapeutics and its shareholders in connection with KaNDy’s agreement to be acquired by Bayer. Bayer will pay an upfront consideration of $425 million, potential milestone payments of up to $450 million until launch followed by potential additional triple digit million sales milestones payments.   The transaction, expected to close in September, is subject to customary closing conditions including anti-trust approval, and will be one of the largest private European biotech exits in the past 12 months. 

Based at the state-of-the-art Stevenage Bioscience Catalyst, KaNDy Therapeutics is a private clinical-stage biotech that was founded in 2017 as a spin-off from NeRRe Therapeutics Ltd. It is led by an experienced management team and backed by internationally recognized life sciences investors: Advent Life Sciences, Fountain Healthcare Partners, Forbion Capital Partners, OrbiMed and Longitude Capital. The company recently completed the Phase IIb with NT-814, a first in class, non-hormonal, once-daily, oral neurokinin-1,3 receptor antagonist. The start of Phase III clinical trial is expected for 2021. Once approved, the compound could generate peak sales potential of more than Euro 1 billion globally. 

The Goodwin UK and US team was led by Graham Defries and Michael Grainger and included Andrew Harrow, Gretchen Scott, Matt Shelley, Talitha Shkopiak, Malcolm Bates, Chloe Smith, Rachel Thurbon, Michelle Briggs, Glenn Kerner, Tyler Doh, Asta Evans, Rob Young, Paul Jin, Robert Cerwinski, Julie Tibbetts, Eric Fox, Luke Nauth, Sean Anderson, Christine Armellino, Danielle Panetta, Jenny Morris and Matthew Wheatley.

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