The agreement between the German and Swiss concerns comprises two potential drug candidates and an extensive set of back-up compounds targeting a kinase critical for growth and survival of cancer cells. Bayer Schering Pharma will assume full development and commercialization rights of the program. The company is making this investment after Nycomed has taken the strategic decision to not further invest in oncology R&D activities.
“The acquisition of this promising program strengthens Bayer Schering Pharma´s oncology pipeline as it is complementary to existing in-house approaches,” says Prof. Andreas Busch, Member of the Board of Management of Bayer Schering Pharma AG, responsible for Global Drug Discovery. “The deal underpins our commitment to oncology research and our long-term aspiration to provide new treatment options for patients suffering from cancer.”
Nycomed will receive an initial reward and payments upon completion of agreed preclinical and regulatory milestones. Overall compensations could total at 52 million Euro.
Oncology is one of four focus areas of Bayer Schering Pharma’s research. The most prominent product from this therapeutic field is a multi-kinase-inhibitor with the active ingredient sorafenib which is already approved in numerous countries for treatment of renal cell and liver cancer and is being investigated for a wide range of other cancers. In addition, several new drug candidates are currently in the phase of clinical testing.
Nycomed is a privately owned pharmaceutical company that provides medicines for hospitals, specialists and general practitioners, as well as over-the-counter medicines in selected markets.
The company is active in a range of therapeutic areas, focusing on gastroenterology, respiratory, inflammation, pain management, osteoporosis and surgical management. New products are sourced both from its own research and from business partners.
Nycomed is European based with a presence in over 50 countries worldwide and an increasing emphasis on fast growing markets. The combined group employs 12,000 people. In 2007, it had annual sales of EUR 3.5 billion and an adjusted EBITDA of EUR 1.2 billion. For more information visit www.nycomed.com