Pharmaceutical company Bayer AG acquiring BlueRock Therapeutics for US$1-billion [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Pharmaceutical company Bayer AG acquiring BlueRock Therapeutics for US$1-billion Multinational pharmaceutical company Bayer AG announced it will fully acquire BlueRock Therapeutics, valuing the biotechnology firm with offices in Toronto at approximately US$1-billion. Bayer already owned 4.8 per cent of the privately held regenerative medicine company headquartered in Cambridge, Mass., and is paying US$6-million for the remaining 59.2 per cent that’s currently held by Versant Ventures, a venture-capital firm, and BlueRock’s management. “I think it shows there’s some really good science in Canada, in Toronto,” said Emile Nuwaysir, president and chief executive officer of BlueRock. “It should give entrepreneurs and investors confidence.” Story continues below advertisement The deal is expected to close by the end of September. Bayer will pay US$24-million upfront, and will pay another US$36-million once BlueRock achieves “pre-defined development milestones,” which a BlueRock spokesperson
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