Germany’s Bayer takes on Nycomed’s cancer research

Swedish-owned pharmaceutical company Nycomed has sold its cancer drug programs to Germany’s Bayer Schering Pharma in a deal worth up to €52 million.

The acquisition covers two preclinical drug candidates and back-up therapeutics that target an enzyme involved in the growth of cancer cells with the aim of improving cancer survival.

Bayer Schering Pharma assumes full development and marketing rights.

Earlier this year Nycomed announced it was discontinuing its cancer research activities to focus on other areas such as gastro-intestinal, respiration, inflammation and pain.

The company, owned by a consortium headed by Swedish private equity firm Nordic Capital, said Bayer Schering Pharma was “an excellent buyer that will further develop the know-how generated by this oncology project.”

Nycomed has 60 employees in Sweden out of a global workforce of 12,000. The Swedish business focuses on local market testing and marketing.

Sources: FierceBiotech, Nycomed, Mentoronline.se