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Bayer will own the rights to AskBio’s AAV-based gene therapy platform, its intellectual property portfolio, and an established CDMO.
Bayer announced on Oct. 26, 2020 that it will acquire Asklepios BioPharmaceutical (AskBio), a Research Triangle Park, NC-based biopharmaceutical company focused on the manufacturing of gene therapies, for up to $4 billion.
Under the terms of the acquisition, Bayer will pay $2 billion upfront and will provide up to $2 billion more in success-based milestone payments, a Bayer press release said.
Bayer will now own the rights to AskBio’s adeno-associated virus (AAV)-based gene therapy platform, its intellectual property portfolio, and an established contract development and manufacturing organization, the press release said. Additionally, Bayer will acquire AskBio’s gene therapy technology platform and its existing gene therapy manufacturing platform through the agreement.
“In line with our purpose ‘science for a better life’, we are committed to bringing significant improvements for patients through innovation,” said Werner Baumann, chairman of the board of management and CEO of Bayer, in the press 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.”
“With Bayer‘s worldwide reach and translational expertise, especially in pathway diseases, our combined cultures of scientific advancement and commitment to patients, along with the retention of AskBio’s independent structure, Bayer and AskBio are positioned to provide accelerated development of gene therapies to treat more patients who can benefit from them,” said Sheila Mikhail, CEO and co-founder of AskBio, in the press release.