Bayer to buy US-based Asklepios Bio for up to $4bn

Germany’s Bayer has agreed to buy US biopharmaceutical firm Asklepios BioPharmaceutical for up to $4bn.

AskBio specialises in the research, development and manufacturing of gene therapies across different therapeutic areas. The company’s development portfolio includes investigational pre-clinical and clinical stage candidates for the treatment of neuromuscular, central nervous system, cardiovascular and metabolic diseases.

Bayer said on Monday that it will own full rights to AskBio's gene therapy platform, including a broad intellectual property portfolio and an established contract development and manufacturing organisation (CDMO) laying the foundation for future partnerships in the area of adeno-associated virus (AAV) therapies.

Under the terms of the deal, Bayer will pay $2bn upfront and success-based milestone payments of up to $2bn.

Bayer chairman Werner Baumann said: "In line with our purpose 'science for a better life', we are committed to bringing significant improvements for patients through innovation.

"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."