Bayer has agreed to sell Stivarga, an established cancer drug, to German compatriot Grünenthal. The deal is worth up to $431 million, with part of that total depending on milestones.
The sale arrives at a delicate time for Stivarga. A potential rival therapy from Exelixis is approaching an FDA decision, which could intensify competition for the drug. The source report describes Stivarga as an aging product and notes that this new competitor is looming.
Grünenthal, a German pharmaceutical company, is taking on the drug as its new owner. The transaction transfers Stivarga to Grünenthal and moves its commercial future away from Bayer.