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TheStreet Open House

The Deal: Bayer Inks Deal With Israel's Compugen

Compugen also relies on its earlier PPI Blockers discovery platform to conduct molecular analysis of antibody-antigen interactions.

In 2012, the company established a presence in California to develop oncology and immunologic monoclonal antibody therapeutic candidates.

The company also has an affiliate, Evogene, that develops products for agricultural biotechnology.

Bayer has a small but growing cancer franchise. Last year the company received approval in the U.S. for Stivarga, for which it has partnered with Onyx Pharmaceuticals (ONXX). The drug is an oral multikinase inhibitor to treat metastatic colorectal cancer.

The approval builds on the Bayer/Onyx franchise in Nexavar, approved first in the U.S. in 2005. It is indicated for primary kidney cancer and advanced primary liver cancer.

In May, Bayer gained FDA approval to use Xofigo for treatment-resistant prostate cancer and associated bone metastases. Algeta ASA is its partner on Xofigo.

Compugen trades on Nasdaq under the ticker CGEN. Its stock closed up Monday 44.5% on the news at $7.89 per share.

-- Written by Pamela Taulbee in New York

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