India-based pharmaceutical company Piramal has agreed to acquire a research and development portfolio from Germany-based Bayer AG, including a potential treatment for Alzheimer’s.

As per the terms of the agreement, Piramal is set to acquire intellectual property, worldwide development, marketing and distribution of Bayer‘s possible Alzheimer’s drug florbetaben, as well as other clinical and pre-clinical assets of Bayer’s molecular imaging business.

Florbetaben is currently in the final stages of clinical trials and works by detecting symptoms in patients who could be suffering from the disease, allowing earlier detection and specific treatment.

During Phase III clinical trials, florbetaben was shown to reliably detect beta-amyloid plaque depositions on the brain, an indication of probable Alzheimer’s disease, with accuracy.

The drug could potentially enter a market that is estimated to be worth between $1bn and $5bn, but is expected to face stern competition from Alzheimer’s imaging agents currently being developed by Pfizer, Eli Lilly and General Electric.

Piramal chairman Ajay Piramal confirmed that the deal was the second such purchase of late stage assets following the company’s acquisition of BioSyntech assets in 2011.

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“We plan to build a promising portfolio in the pharma space, including our newly acquired Molecular Imaging assets, which will help us create a global branded pharma business,” added Piramal.

Financial terms of the transaction were not disclosed.