Versant Ventures and Bayer have started several biotechs together. But today marks the first time the German drug maker takes a step further and buys one of them: cell therapy developer BlueRock Therapeutics.

Bayer already owns a 40.8 percent stake in BlueRock through its Leaps by Bayer venture arm. But it will pay $240 million up front for the rest of the company, which includes Versant’s similar-sized stake and the remaining shares owned by management. Bayer could shell out another $360 million for BlueRock, but those payments are tied to the progress of various programs and may not materialize. The deal… Read more »