Bayer
By therapeutic area
| Therapeutic area | Premium | Deals |
|---|---|---|
| oncology | ×1.21 | 15 |
| womensHealth | ×1.50 | 3 |
By stage at signing
| Phase | Premium | Deals |
|---|---|---|
| approved | ×1.50 | 7 |
| phase 2 | ×1.19 | 5 |
| phase 1 | ×1.50 | 3 |
| phase 3 | ×1.30 | 3 |
Strategy profile
Based on 15 disclosed transactions, Bayer concentrates its licensing activity in Oncology, Cardiovascular, and WomensHealth. Bayer pays a 1.34x premium over market median, with the strongest premiums in WomensHealth (1.50x). Their most common deal structure is Acquisition, with an average disclosed value of $1.2B. Most recent activity: 2026.
Premium by therapeutic area
How Bayer pays relative to peer medians in each TA
Pipeline coverage & gaps
Bayer has disclosed activity in 2 of 12 tracked therapeutic areas. Gaps may represent whitespace opportunities for licensors.
Deal type breakdown
How this buyer structures its transactions
| Deal type | Count | Avg upfront | Avg total value |
|---|---|---|---|
| AcquisitionPrimary | 6 | $733M | $1.8B |
| License | 3 | $124M | $572M |
| Collaboration | 3 | $43M | $457M |
| Other | 1 | — | — |
| Option | 1 | $39M | $536M |
| Co Development | 1 | $163M | $2.0B |
Recent disclosed deals
| Year | Asset | Licensor | Indication | Phase | Upfront | Total |
|---|---|---|---|---|---|---|
| 2026 | eye implant for glaucoma/diabetic retinopathy | Perfuse Therapeutics | glaucoma and diabetic retinopathy | preclinical | $300M | $2.5B |
| 2025 | TIM-3-001 | Y-mAbs Therapeutics | SCLC | discovery | $43M | $647M |
| 2024 | Aficamten (Japan) | Cytokinetics | Hypertrophic cardiomyopathy (HCM) | phase_3 | $53M | $665M |
| 2024 | Elinzanetant | Bayer | Menopausal vasomotor symptoms, insomnia | phase_3 | — | — |
| 2024 | Anti-B7-H3-201 | Immunogen | Breast (HR+) | discovery | $39M | $536M |
| 2024 | Acoramidis (Europe) | BridgeBio Pharma | ATTR-CM | phase_3 | $300M | $750M |
| 2023 | OX40 | Immatics | Mesothelioma | phase_1 | $55M | $511M |
| 2023 | vulvodynia | Dare Bioscience | vulvodynia | phase_2 | $20M | $300M |
| 2022 | Anti-KRAS G12C | Vor Biopharma | Melanoma | preclinical | $67M | $769M |
| 2022 | CSF1R | iTeos Therapeutics | Breast (TNBC) | phase_1 | $163M | $2.0B |
| 2021 | Vividion covalent chemistry platform | Vividion Therapeutics | Cardiovascular Disease | preclinical | $1.5B | $2.0B |
| 2021 | PD-1-001 | Revolution Medicines | Breast (HER2+) | phase_2 | $131M | $1.1B |
| 2020 | AAV gene therapy platform | Asklepios BioPharmaceutical | Pompe Disease, Congestive Heart Failure | phase_1 | $2.0B | $4.0B |
| 2020 | NT-814 (elinzanetant) | KaNDy Therapeutics | Hot Flashes/Vasomotor Symptoms | phase_2 | $425M | $425M |
| 2019 | FRα-301 | Deciphera Pharmaceuticals | HCC | discovery | $8M | $92M |
How this is computed
For each Bayer deal we find the median total deal value of comparable transactions (same therapeutic area + phase, falling back to TA-only with ≥3 peers). The buyer’s deal divided by the peer median is the per-deal premium. We trim outliers, take the trimmed mean, and clamp to [0.7×, 1.5×] to reject data errors. Confidence scales with sample size.
Trimmed mean of 20 disclosed deal premiums vs. peer medians. Raw premium 1.344, clamped to [0.7, 1.5].