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Loxo Oncology to develop, commercialize cancer drugs with Bayer

Nov 14 (Reuters) - U.S. drug developer Loxo Oncology Inc on Tuesday announced a deal with Bayer AG to develop and commercialize two of its cancer therapies and said it would receive $400 million upfront.

Loxo is also eligible to receive milestone payments once the drugs, LOXO-195 and larotrectinib, are approved and sold.

Bayer and Loxo will jointly develop the drugs and evenly split development costs. (Reporting by Tamara Mathias in Bengaluru; Editing by Sai Sachin Ravikumar)