Bayer Schering Pharma AG, Germany, is expanding its oncology pipeline with the acquisition of a preclinical oncology programme from Nycomed, a pharmaceutical company headquartered in Switzerland. The agreement 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 programme strengthens Bayer Schering Pharma's oncology pipeline as it is complementary to existing in-house approaches," said Professor 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.
The Bayer Group is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. Bayer HealthCare, a subsidiary of Bayer AG, is one of the world's leading, innovative companies in the healthcare and medical products industry and is based in Leverkusen, Germany.