AskBio exec: Gene editing firm chose $4B Bayer offer over other firms, also going public

RESEARCH TRIANGLE PARK – Bayer’s $2 billion upfront price plus the same amount offered based on milestone achievements wasn’t the only financial windfall leaders at AskBio were considering before agreeing to Bayer’s terms, says a company exec.

And remaining an independent operation was crucial to the deal.

“We’ve spoken with many other pharmaceutical companies and also considered an IPO, but in the end, combining with Bayer was the best choice for us,” Robin Fastenau, Vice President for Communications, tells The Skinny.

Rick Smith, WRAL TechWire’s editor and a cofounder, writes The Skinny.

In a quick Q&A via email shortly after the deail was announced, we asked Ms. Fastenau about why independence as so important.

“It is important to us and Bayer that we keep our business-as-usual focus and maintain the entrepreneurial mindset that made us a leader in AAV gene therapy,” she explains.

“Bayer aims to preserve our culture and further nurture successful innovation in the future. Management will stay in place, and the board will consist of Bayer, AskBio and independent advisors.”

Fastenau adds that the agreed-upon structure “allows us to concentrate on our science and mission to help patients. By being independent, we can maintain our nimbleness and entrepreneurialism and avoid some of the bureaucracy that is sometimes associated with Big Pharma.”

Fastenau says the deal also boosts AskBio’s nearly two decade effort (the firm launched in 2001) to improve health through gene technology.

“With Bayer’s support, we continue our bold path to change lives for the better as an independent company,” she says.

“This agreement gives us the opportunity to preserve the special attributes we have created at AskBio and provides us an amazing opportunity to advance therapies that may change the world.”

We’ll have more to report about the sale and its Triangle impact later today.