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

2 June 2009

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.

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