Bayer/Regeneron: Typically Rich, Extra Regional
Regeneron Pharmaceuticals' October 18th deal with Bayer is the perfect case-study for observers of today's biopharma sector: high-value, ex-US only, specialist, and with a nice split-indication twist in its tail.
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The better-than-expected performance of Regeneron’s first significant commercial drug, Eylea, has fueled the company’s ambitions to build a sustainable, risk-adjusted portfolio based on a mix of best-in-class and first-in-class new drugs. Getting to this point took a mixture of perseverance, astute science, opportunism, and savvy partnering.
Biotechs' drive to retain a bigger chunk of downstream rights is forcing product-hungry Big Pharma to accept non-global licensing deals. They'll be up against existing regional players, more accustomed to sharing rights and prioritizing others' drugs.
Bayer will pay $50 million up front and up to $335 million in development and commercialization milestones for ex-US rights to Nuvelo's clot-buster alfimeprase, which complements the German group's specialist cardiovascular portfolio.