Following a 2016 joint venture with Versant Ventures to establish the company with a USD$225M Series A Financing as part of the Leaps by Bayer unit, Bayer will acquire the remaining stake for approximately USD$240m in cash to be paid upfront at closing and an additional USD$360m payable upon achievement of pre-defined development milestones.
With Bayer currently holding 40.8% stake, the investment corresponds to a total company value of BlueRock Therapeutics of approximately USD$1 billion.
The closing of the transaction is expected during the third quarter of 2019.
Led by Emile Nuwaysir, Ph.D., Chief Executive Officer, BlueRock Therapeutics is a biotechnology company focused on developing engineered cell therapies in the fields of neurology, cardiology and immunology, using a proprietary induced pluripotent stem cell (iPSC) platform, with start of the first clinical program in Parkinson’s disease expected later this year.
It will continue to operate as an independent company.
With this deal, Bayer will own full rights to BlueRock Therapeutics’ CELL+GENE™ platform, including a broad intellectual property portfolio and associated technology platform including proprietary iPSC technology, gene engineering and cell differentiation capabilities. In addition to its current focus, BlueRock Therapeutics’ platform brings the opportunity to extend to other therapeutic areas beyond the current development programs.