Bayer Buys Two Biotech Firms to Beef Up Radiopharmaceuticals

Bayer AG BAYRY will acquire two small biotech companies in a deal that adds an experimental prostate cancer medicine to the German drugmaker's pipeline.
Bayer will pay an undisclosed sum for Noria Therapeutics and PSMA Therapeutics, built around radiotherapy research from the Weill Cornell Medical College in NYC.
The deal is centered around an actinium-225 labeled prostate-specific membrane antigen (PSMA) small molecule currently in pre-IND studies for prostate cancer.
Bayer has its portfolio of targeted alpha therapies, which includes Xofigo, a radium-based therapy approved to treat metastatic castration-resistant prostate cancer with symptomatic bone metastases and no known visceral metastases, as well as an investigational conjugate platform based around thorium-227.
Price Action: BAYRY shares are down 0.78% at $15.89 during the market session on the last check Thursday.