Advent Life Sciences, a European life sciences venture capital firm, announced the sale of its portfolio company, KaNDy Therapeutics, to Bayer for an upfront consideration of $425 million-plus potential milestone payments of up to $450 million until launch followed by potential additional triple-digit million sales milestone payments.
KaNDy recently completed the Phase IIb with NT-814, a 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 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.
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, CEO 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.