Bayer acquires oncology drug research programme
07 Aug 2008
Bayer has acquired a pre-clinical oncology programme from Swiss pharmaceutical firm Nycomed.
The deal comprises two potential drug candidates plus an "extensive set of back-up compounds targeting a kinase critical for growth and survival of cancer cells".
Nycomed will be paid an initial fee followed by potential milestone payments, with the total amount said to be in the region of 52 million euros (£41.3 million).
Professor Andreas Busch, member of the board of management at Bayer Schering Pharma responsible for global drug discovery, said: "The acquisition of this promising programme strengthens Bayer Schering Pharma's oncology pipeline as it is complementary to existing in-house approaches."
He added that the deal reflects his company's commitment to the development of new cancer medicines.
Meanwhile, Bayer recently announced that Greg Babe will become its new president and chief executive officer.
He will move into post on October 1st when Dr Attila Molnar retires after 30 years with the company.
