Struggling antibiotic company will go privare under the agreement. Bayer will employ Acuitas's liquid nanoparticle technology in gene therapies developed by subsidiary Asklepios.

Hyloris CEO Stijn Van Rompay said the firm is on track to meet its target of 30 portfolio products by 2024, delivering a confident Q2 half-year update despite some pushback from the US Food and Drug Administration on its Maxigesic IV compound.

Value-added medicines firm Hyloris has raised €15m from new and existing investors through a private equity offering of nearly one million new shares.

Hyloris expects to expand its portfolio to around 30 candidates by 2024, bolstered by €50m in cash and cash equivalents as of the end of 2021.