Meanwhile, on the biotech front... this news piece from the website
BioSpace happened...
Bayer has announced it is acquiring BlueRock Therapeutics. Bayer was part of the 2016 joint venture with Versant Ventures to found BlueRock, which was launched with a $225 million Series A financing round.
Bayer already holds a 40.8% stake in BlueRock. Under the terms of the acquisition, Bayer is buying the rest of the company for $240 million up front with an additional $360 million in various development milestones. This will correspond with the company’s value of about $1 billion.
“This acquisition marks a major milestone on our path towards a leading position in cell therapy,” stated Stefan Oelrich, member of the Board of Management, Bayer, and president of the Pharmaceuticals Division. “In line with our strategy to ramp up our investments in technologies with breakthrough innovation potential, we have decided to build our cell therapy pipeline based on BlueRock Therapeutics’ industry-leading iPSC platform. Ultimately, we are joining forces to deliver new treatment options for medical needs that are still unmet today.”
Read the entire article at
https://www.biospace.com/article/bayer-buys-bluerock-therapeutics-for-600-million/.
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