Bayer seals $425m deal to acquire UK biotech company

GERMANY’S Bayer, the drugs and pesticides maker, today inked a deal to buy a British biotech firm to boost its women’s healthcare business, with an initial $425 million payment.

Bayer has agreed the purchase of Stevenage-based KaNDy Therapeutics, which recently completed the second of three phases of testing for a new non-hormonal pill for the relief of hot flushes and night sweats for women going through menopause.

Further payments could be made as the drug’s development progresses. KaNDy was owned by a consortium of investors.