Baker McKenzie is advising Bayer AG in its acquisition of Asklepios BioPharmaceutical, Inc. (AskBio), a US-headquartered biopharmaceutical company specialized in the research, development and manufacturing of gene therapies across different therapeutic areas. AskBio’s development portfolio includes investigational pre-clinical and clinical stage candidates for the treatment of neuromuscular, central nervous system, cardiovascular and metabolic diseases. Under the terms of the agreement Bayer will pay an upfront consideration of USD 2 billion and potential milestone payments of up to USD 2 billion.
Bayer will own full rights to AskBio’s gene therapy platform, including a broad intellectual property portfolio and an established contract development and manufacturing organization (CDMO) laying the foundation for future partnerships in the area of adeno-associated virus (AAV) therapies. The addition of AskBio to Bayer’s emerging cell and gene therapy (CGT) business strengthens Bayer’s commitment to the field. It complements the 2019 acquisition of BlueRock Therapeutics and consolidates Bayer’s ambition to create platforms with the potential to have an impact in multiple therapeutic areas.
The Baker McKenzie team was led by M&A partner Alan Zoccolillo and supported by teams in the United States, Germany, the United Kingdom, Spain and France.
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Baker McKenzie is a transactional powerhouse with over 2,500 deal lawyers and expertise in over 46 countries. We do more cross-border transactions than any other law firm in the world, and are ranked #1 in cross-border deals by volume over the past decade. Our fully integrated cross-border M&A service allows us to serve as lead counsel to our clients and guide them through all the stages of a transaction. This full-service capability is rare for transactions spanning dozens of jurisdictions, and is an area which sets us apart from other global law firms.
Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to benefit people by supporting efforts to overcome the major challenges presented by a growing and aging global population. At the same time, the Group aims to increase its earning power and create value through innovation and growth. Bayer is committed to the principles of sustainable development, and the Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2019, the Group employed around 104,000 people and had sales of 43.5 billion euros. Capital expenditures amounted to 2.9 billion euros, R&D expenses to 5.3 billion euros. For more information, go to www.bayer.com.