By Olivia Bugault

Bayer AG will acquire U.K.-based biotech company KaNDy Therapeutics Ltd. in order to expand its women's health-care pipeline with a potential new medicine, both companies said Tuesday.

"KaNDy Therapeutics recently completed the Phase IIb with NT-814, a first in class, non-hormonal, once-daily, oral neurokinin-1,3 receptor antagonist, publishing positive data for the treatment of frequent symptoms of the menopause, hot flashes and night sweats," it said.

The phase 3 clinical trial should start in 2021 and, once the medicine is approved, it could generate peak sales potential of more than 1 billion euros ($1.17 billion) globally, they said.

Under the deal, the German pharmaceutical and chemical conglomerate will pay an upfront consideration of $425 million and a potential additional consideration in the form of milestone payments, the companies said.

The deal includes "potential milestone payments of up to $450 million until launch followed by potential additional triple-digit million sales milestone payments," they said.

The deal is expected to close by September 2020, once approved by antitrust authorities in particular, they said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

August 11, 2020 03:11 ET (07:11 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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