Date: 09-Aug-2019

Bayer buys BlueRock in $600 mln bet on stem cell therapies

FRANKFURT: German drugmaker Bayer is paying up to $600 million for full control of cell therapy developer BlueRock Therapeutics, stepping up investment in a promising new medical area to revive its drug development pipeline. Having established BlueRock as part of a 2016 joint venture with Versant Ventures, Bayer will acquire the remaining 59.2% stake for about $240 million upfront and an additional $360 million depending on certain development achievements, it said on Thursday.