Linklaters advises Bayer AG on its acquisition of KaNDy Therapeutics Ltd

Linklaters has advised Bayer AG on its acquisition of UK-based biotech KaNDy Therapeutics Ltd. to expand its drug development pipeline in women’s healthcare. 

The acquisition represents an important milestone in Bayer’s augmentation of its women’s healthcare portfolio through strategic collaborations and agreements.

KaNDy Therapeutics recently completed Phase IIb clinical trials for a first in class, non-hormonal drug candidate publishing positive data for the treatment of frequent symptoms of menopause - hot flashes and night sweats. The start of Phase III clinical trial is expected for 2021. Once approved, the compound could generate peak sales potential of more than €1 billion globally.

Under the terms of the agreement Bayer will pay an upfront consideration of USD 425 million, potential milestone payments of up to USD 450 million until launch followed by potential additional triple digit million sales milestones payments. 

The cross-practice, multi-jurisdictional team advising Bayer AG was led by Hugo Stolkin (Corporate partner – London), Marly Didizian (TMT/IP Partner – London), Kristina Klaaßen-Kaiser (Corporate partner – Düsseldorf), Daniel Law (Senior Associate – London) and Alexander Ninkov (Associate – London), supported by Yohan Liyanage (TMT/IP partner – London), Antonia Sherman (Competition/Antitrust partner - Washington D.C.), Maggie Chan (Managing Associate – London), Lindsey Brown (Managing Associate - London), Alaister Johnson (Managing Associate – London), Zainab Hanif (Associate – London), Dasha Konnova (Trainee Solicitor – London) and Kim Rust (Trainee Solicitor – London).

In-house Bayer team: Dr. Christian Bank, LL.M., Dr. Katarina Spiegl (both Legal M&A, Lead), Katrin Ademmer, LL.M., Dr. Malte Welters, Christoph von Kupsch, LL.M. (Pharma Legal), Fabian Altehenger, Philippa Allen (Tax) and Paul W. Fort (Antitrust/Merger Control).

Subject to the satisfaction of certain conditions customary for a transaction of this nature, completion is expected by September 2020.