Escalate Life Sciences
Bayer has entered into an agreement to fully acquire engineered cell therapy firm BlueRock Therapeut
BlueRock is a privately held biotech focused on developing engineered cell therapies in the fields of neurology, cardiology and immunology using a proprietary induced pluripotent stem cell (iPSC) platform. The firm’s lead programme in Parkinson’s disease is expected to enter the clinic by the end of 2019.
Bayer, who currently owns a 40.8% stake in BlueRock, has said it is buying the remaining shares for $240 million upfront and an additional $360 million upon achievement of pre-defined milestones. The deal puts a $1 billion valuation on the US firm. The deal is expected to close by the end of the year.
Stefan Oelrich, Member of the Board of Management, Bayer AG and President Pharmaceuticals Division, commented: “This acquisition marks a major milestone on our path towards a leading position in cell therapy. 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.”
Dr Emile Nuwaysir, Chief Executive Officer, BlueRock Therapeutics, added: “We are extremely excited to be part of the world-class Bayer organization. We have built a premier cell therapy platform at BlueRock Therapeutics, with industry-leading R&D, process development and manufacturing capabilities. With the expertise and support of Bayer, we will be even better positioned to pursue the discovery, development and commercialization of revolutionary new cell therapies for patients suffering from diseases previously thought of as intractable.”
Published by Louis Goss