- Source : Press Release
- Date : 2021-08-19
- Companies : Bayer AG
Bayer AG Completes Its Acquisition of Vividion Therapeutics
SAN DIEGO – August 19, 2021 – Vividion Therapeutics, Inc., a biopharmaceutical company utilizing novel discovery technologies to unlock high value, traditionally undruggable targets with precision therapeutics for devastating cancers and immune disorders, today announced that Bayer AG has completed its acquisition of Vividion Therapeutics, Inc., and as a result, Vividion is now a wholly owned subsidiary of Bayer. As previously announced, Bayer now owns full rights to Vividion's proprietary discovery platform, which comprises three integrated, synergistic components: a novel chemoproteomic screening technology, an integrated data portal and a proprietary chemistry library. To preserve its entrepreneurial culture as an essential pillar for nurturing successful innovation, Vividion will continue to operate as an independent organization on an arm's length basis. Vividion will remain accountable to advance its technology and portfolio while benefiting from the experience, infrastructure and reach of Bayer as a global pharmaceutical company.
Under the terms of the agreement, Bayer paid an upfront consideration of USD 1.5 billion and will pay potential success-based milestone payments of up to USD 500 million.
Credit Suisse served as financial advisor to Bayer, while Baker McKenzie served as legal counsel. Centerview Partners served as financial advisor to Vividion, while Cooley LLP served as legal counsel.
Vividion Therapeutics, Inc. a wholly owned and independently operated subsidiary of Bayer AG acquired in August 2021, is a biopharmaceutical company utilizing novel discovery technologies to unlock high value, traditionally undruggable targets with precision therapeutics for devastating cancers and immune disorders. The company's platform has enabled it to identify hundreds of previously unknown functional pockets on well-validated protein targets implicated in a wide range of diseases, while simultaneously identifying compounds from its proprietary covalent chemistry library that interact in a highly selective manner with those pockets. The company is leveraging its proprietary chemoproteomic platform to advance a diversified pipeline of highly selective small molecule therapeutics targeting high value, traditionally undruggable targets in oncology and immunology. For more information, please visit www.vividion.com.
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 help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to driving sustainable development and generating a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses, before special items, amounted to 4.9 billion euros. For more information, go to www.bayer.com.