OncoMed scores big cancer development pact with Bayer

Germany's Bayer Schering is paying OncoMed $40 million upfront to partner on a slate of new drugs that target cancer stem cells. And the German pharma company is reserving an option to buy up to five programs through Phase I, with OncoMed in line to receive up to $387.5 million for each new biologic and $112 million for each small molecule drug that works its way to an approval. The Redwood City, CA-based OncoMed also stands to earn double-digit royalties on any approved therapies, making this...