Bayer is paying $425 million up front for the company, with potential prelaunch milestone payments of up to $450 million and potential sales milestone payments.
KaNDy’s main candidate, NT-814, is a once-daily pill that would treat vasomotor symptoms due to menopause. It is expected to start Phase III trials in 2021.
“We are pleased to receive antitrust clearance and to officially close on the KaNDy Therapeutics Ltd. Acquisition,” Sebastian Guth, Bayer’s president of pharmaceuticals, Americas region, said in a prepared statement. “This acquisition is another testament to our commitment to the health of women, which not only broadens our pipeline, but has the potential, if approved, to deliver a new treatment option that could have a meaningful impact on women’s lives.”
Morgan Stanley was Bayer’s financial adviser, while Linklaters served as legal counsel. Goldman Sachs International was KaNDy’s financial adviser, while Goodwin served as legal counsel.