Bayer intends to acquire biotech company AskBio for $4 billion

On October 26, according to Bloomberg, Bayer agreed to acquire Asklepios BioPharmaceutical, a US biotechnology company, for up to US$4 billion to consolidate its pharmaceutical business before patents for certain key drugs expire. According to the joint statement, the German drug and chemical giant will pay North Carolina-based AskBio an upfront payment of US$2 billion and a potential progress payment of US$2 billion; the private company is developing a treatment for Parkinson’s And gene therapy for diseases such as congestive heart failure. Bayer expects that the transaction will be completed later this year, and AskBio will continue to operate as an independent company.

It is understood that AskBio is a private clinical stage gene therapy platform company focusing on the development of adeno-associated virus (AAV) gene therapy. In 2005, AskBio spun off the research project to establish NanoCor Therapeutics, dedicated to the development of gene therapy for congestive heart failure. In 2014, AskBio spun off and established Bamboo therapeutics focusing on nervous system and neuromuscular diseases.