8/5/2021, 10:51 AM (Source: TeleTrader)
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Bayer to acquire Vividion Therapeutics for $1.5B

Bayer AG announced on Thursday it is buying California-based biotechnology company Vividion Therapeutics Inc. for $1.5 billion and "potential success-based milestone payments of up to $500 million." The transaction is expected to close in the third quarter of 2021, following which Vividion will "continue to operate as an independent organization on an arm’s length basis."

"Vividion’s technology is the most advanced in the industry, and it has demonstrated its ability to identify drug candidates that can target challenging proteins. Together with Bayer’s existing know-how, we will be able to develop first-in-class drug candidates, increasing the value of our pipeline. We want to provide innovative therapies for patients whose medical needs are not yet met by today’s treatment options," said President of Bayer's Pharmaceuticals Division Stefan Oelrich.

Baha Breaking News (BBN) / DJ