Prometheus Labs Signs R&D Deal with Bayer Schering

Prometheus Laboratories Inc., a San Diego-based drug and diagnostics company, has signed an oncology research collaboration and license agreement with Bayer Schering Pharma AG. The deal could be worth upwards of $160 million in up-front and milestone payments. Prometheus is in registration for a $100 million IPO, and has raised around $73 million in VC funding from DLJ Merchant Banking Partners (21.4% stake), Split Rock Partners (17.4%), New Leaf Ventures (12.5%), Apax Partners (11%) , Wachovia Capital Partners (11%) and Brentwood Venture Capital (7.5%).