Gene Therapy Push | Bayer to acquire US-based biotech firm AskBio for up to $4 billion

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In a bet on cutting-edge gene therapy that aims to treat or prevent diseases using genes, Germany’s Bayer agreed to acquire the US-based biotech firm Asklepios BioPharmaceutical Inc for as much as $4 billion.

For this deal, the company will pay $2 billion upfront and up to an additional $2 billion in milestone payments based on development achievements.

It must be mentioned here that AskBio was co-founded by Richard Jude Samulski who pioneered the use of adeno-associated viruses as vehicles to replace defective genes with healthy genes.