Bayer buys biopharma firm Vividion Therapeutics for up to $2 billion

Bayer

Bayer on Thursday said it acquired U.S.-based biopharmaceuticals company Vividion Therapeutics for up to $2 billion to boost its ability to discover new treatments and lift the value of its drug pipeline.

The deal, expected to close during the third quarter, includes a $1.5 billion upfront payment as well as possible milestone payments of up to $500 million, the agriculture and pharmaceuticals group said in a statement.

About 90% of proteins that cause diseases cannot be targeted by current therapies, Vividion CEO Jeff Hatfield said.

Bayer was advised by Credit Suisse and Baker McKenzie on the transaction, while Centerview Partners and Cooley LLP served as advisors to Vividion.

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