Advent Life Sciences, a leading European life sciences venture capital firm, has announced the sale of its portfolio company, KaNDy Therapeutics Ltd, to Bayer AG for an upfront consideration of USD 425 million plus potential milestone payments of up to USD 450 million until launch followed by potential additional triple digit million sales milestones payments.
KaNDy recently completed the Phase IIb with NT-814, a first in class, non-hormonal, once-daily, oral neurokinin-1,3 receptor antagonist, publishing positive data for the treatment of frequent symptoms of the menopause, hot flashes and night sweats (vasomotor symptoms). The start of Phase III clinical trial is expected to commence in 2021. Once the deal completes, Bayer AG, a global leader in women’s healthcare, will assume full responsibility for completing Phase III studies of NT-814, registration, and marketing and sales.
KaNDy Therapeutics is a spin-out from NeRRe Therapeutics, a Stevenage, UK, based company, which Advent Life Sciences co-founded with Mike Trower in 2012 based on a portfolio of Neurokinin modulators. Advent Life Sciences has supported the company since inception and remained the largest shareholder throughout. In 2015, Dr Mary Kerr, then an Operating Partner at Advent Life Sciences, became full time Chief Executive Officer of NeRRe and in 2017 Advent introduced Andrew Kay (previously Chief Executive Officer of Algeta, a realised Advent portfolio company) as Chairman.
Kaasim Mahmood, General Partner at Advent Life Sciences, said: “KaNDy is another example of our hands-on approach to achieving our twin objectives – to provide strong returns to our Investors while enabling the discovery and development of truly innovative medicines. We hope that NT-814 will fulfil the potential shown in the Phase IIb studies and provide a much-needed non-hormonal treatment for the alleviation of menopause symptoms.”
Mary Kerr, Chief Executive Officer and Co-Founder of KaNDy, said: “Advent Life Sciences has played a central role in building this company from the very beginning, leveraging its extensive network to introduce new investors and providing strategic guidance to advance this potential novel medicine and become an important non-hormonal treatment option for women suffering debilitating symptoms of the menopause.”
Closing is subject to customary conditions, in particular anti-trust approval, and is expected by September 2020.