Bayer to Pay $1.3 Billion for Cancer Medicine in Pharma Push

Bayer AG agreed to pay Kumquat Biosciences Inc. as much as $1.3 billion to gain a potential new cancer medicine and boost its pharma division’s growth prospects.

The German company will help fund the development of an early stage medicine from closely held Kumquat for several types of cancer in which a gene called KRAS has mutated, it said Tuesday.