(RTTNews) - Bayer AG (BAYZF.PK, BAYRY.PK, BYR.L) and Mammoth Biosciences, Inc. entered a strategic collaboration and option agreement for the use of Mammoth's CRISPR systems to develop in vivo gene-editing therapies. Mammoth Biosciences will receive an upfront payment of $40 million and is eligible to receive target option exercise fees as well as potential future payments in the magnitude of more than $1 billion upon successful achievement of certain milestones across five preselected in vivo indications with a first focus on liver-targeted diseases.
"Bringing together Mammoth's novel CRISPR systems with our existing gene augmentation and our induced pluripotent stem cell platforms will allow us to unleash the full potential of our cell and gene therapy strategy," said Stefan Oelrich, Member of the Board of Management, Bayer AG
Also, Bayer will pay research funding and tiered royalties up to low double-digit percentage of net sales.
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