Nycomed successfully closes oncology program
Preclinical anti-cancer program sold to Bayer Schering Pharma
Bayer Schering Pharma will assume full development and commercialization rights
Nycomed agreed with Bayer Schering Pharma on the sale of the preclinical anti-cancer program. The agreement is part of Nycomed's strategic decision not to further invest in oncology R&D activities.
As the final step in the divestment of its Oncology portfolio, Nycomed agreed with Bayer Schering Pharma on the sale of a kinase inhibitor program, targeting a key growth and survival pathway in cancer. The agreement comprises two potential drug candidates and an extensive back-up program.
Kerstin Valinder, Nycomed's Executive Vice President Business Development concludes: "In Bayer Schering Pharma we have found an excellent buyer that will further develop the know-how generated by this oncology project. We will continue to license in products within our strategic areas and source a majority of our research and development projects from external partners."
Earlier this year, Nycomed informed about the decision to discontinue its cancer research activities in order to focus its resources on other areas such as gastro-intestinal, respiration, inflammation, pain, osteoporosis and tissue management. In June the company sold eight anti-cancer projects in preclinical stage and clinical phase I to 4SC AG, a German company.
Nycomed will receive an initial reward and payments upon completion of agreed preclinical and regulatory milestones. Overall compensations could total at 52 million Euro.
About Bayer Schering Pharma
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.
The company combines the global activities of the Animal Health, Consumer Care, Diabetes Care and Pharmaceuticals divisions. The pharmaceuticals business operates under the name Bayer Schering Pharma. Bayer HealthCare's aim is to discover and manufacture products that will improve human and animal health worldwide. Find more information at www.bayerhealthcare.com.
Bayer Schering Pharma is a worldwide leading specialty pharmaceutical company. Its research and business activities are focused on the following areas: Diagnostic Imaging, General Medicine, Specialty Medicine and Women's Healthcare. With innovative products, Bayer Schering Pharma aims for leading positions in specialized markets worldwide. Using new ideas, Bayer Schering Pharma aims to make a contribution to medical progress and strives to improve the quality of life. Find more information at www.bayerscheringpharma.de.
Nycomed is a privately owned pharmaceutical company that provides medicines for hospitals, specialists and general practitioners, as well as over-the-counter medicines in selected markets.
The company is active in a range of therapeutic areas, focusing on gastroenterology, respiratory, inflammation, pain management, osteoporosis and surgical management. New products are sourced both from its own research and from business partners.
Nycomed is European based with a presence in over 50 countries worldwide and an increasing emphasis on fast growing markets.
The combined group employs 12,000 people. In 2007, it had annual sales of € 3.5 billion and an adjusted EBITDA of € 1.2 billion.
For more information visit www.nycomed.com