UPDATE: Bayer completes deal to transfer three oncology drugs to Genzyme

German drug major Bayer HealthCare and USA-based biotechnology group Genzyme have received regulatory approval for the strategic alliance  announced earlier this year, and the legal closing of the transaction -  transferring certain compounds from the former's oncology portfolio to  the US firm in exchange for a maximum $650.0 million (Marketletter   April 6) - was completed on May 29. If approved additionally as a  multiple sclerosis drug, Bayer will receive payments of up to $1.25  billion, contingent on annual revenue from one product.

Drugs worth almost $300M a year

Under the terms of the agreement, Bayer licenses its hematological  oncology products to Genzyme and transfers its current commercial  portfolio of these compounds to Genzyme. In many countries around the  world Genzyme will begin to market and sell Campath/MabCampath  (alemtuzumab), Fludara (fludarabine) and Leukine (sargramostim)  effective immediately and now has full responsibility for developing,  marketing and selling the acquired oncology products and will record  sales revenue in the USA and more than 90 other countries where they are  sold.