On Thursday, the 8th of August 2019, German pharmaceutical & chemical industry giant, Bayer AG, issued a statement saying that the Leverkusen-based bioscience behemoth was paying off a hefty sum of $600 million in cash to acquire a cell-engineering startup BleuRock Therapeutics, making its debarkations in a promising, yet dubious medical area aimed at reviving its drug development stream.
As a matter of fact, founded back in 2016s as a JV with Versant Ventures, BlueRock Therapeutics had been capitalizing its unique CELL+GENE™ platform in order to develop genetically engineered cells, capable of initiating a whole new generation of molecular medicines in the high-profit areas likes of neurology, immunology alongside cardiology.
On top of that, BlueRock was conducting research on induced pluripotent stem cells which might be acting as embryonic stem cells to restore diseased parts of the patients. According to the German bioscience company, Bayer AG’s Thursday’s (August 8th) statement, under terms of the deal, Bayer would be paying $240 million upfront in cash to acquire 59.2 percent stake of BlueRock, while the rest would be paid depending on certain achievements.
Addressing sheer optimism over its latest BlueRock takeover, head of pharmaceutical businesses of Bayer AG, Stefan Oelrich said in an interview on Thursday (August 8th), “We get access and full ownership in one of the most exciting areas of biology that exist currently. ”