Leaps by Bayer Research
Investment Thesis
Leaps by Bayer is the strategic investment unit of Bayer AG, dedicated exclusively to life sciences breakthroughs in health and agriculture. Founded in 2015 by Juergen Eckhardt with initial backing of approximately €300 million from Bayer's balance sheet, Leaps has grown into one of the most prominent corporate venture capital arms in global biotech. As of 2025, Leaps has invested $2.1+ billion across 65+ portfolio companies since inception.
The thesis is rooted in tackling "10 Leaps" — ten of humanity's most significant challenges in health and agriculture that conventional approaches have failed to solve. Unlike traditional financial VCs, Leaps measures success through a proprietary metric called WALY (Wellbeing Adjusted Life Years), developed in collaboration with the Happiness Research Institute, capturing societal impact beyond pure financial return.
Leaps invests through minority equity positions and also co-founds new ventures from scratch (e.g., BlueRock Therapeutics, Casebia Therapeutics). All portfolio companies remain autonomous in decision-making; Leaps provides what it calls "active incubation" — resources, strategic guidance, and Bayer's scientific network — while companies retain operational independence.
The 10 Leaps Framework
The 10 Leaps define the investment mandate:
In health:
- Stopping genetic diseases before they progress (gene editing, gene therapy)
- Curing heart failure and interconnected metabolic conditions
- Defeating cancer through biotechnology (immune system, cell therapy, targeted degradation)
- Addressing neurodevelopmental and neurodegenerative diseases (Parkinson's, Alzheimer's, ALS)
- Resolving autoimmune diseases and chronic inflammation
- Breakthrough therapies for conditions unique to women's biology
In agriculture:
- Transforming farming through biotech to reduce land, water, and chemical inputs while increasing productivity
- Providing comprehensive global nutrition (protein diversity, nutrient density)
- Enabling farming to thrive despite weather and market uncertainty (climate resilience)
- Building resilience in the global food system against pandemic and climate risk
Stage Focus
Leaps invests primarily at early stages but follows companies across the full lifecycle. Most initial investments occur at:
- Seed/Pre-Seed: Co-founding new ventures from scratch
- Series A: First institutional investment, $10M–$80M participation
- Series B: Co-leading or participating in growth rounds
- Series C and beyond: Selective follow-on for breakout performers
Leaps does not operate a fixed fund structure — they deploy from Bayer's corporate balance sheet, giving them flexibility to write checks at any stage and participate in follow-on rounds without capital constraints.
Check Size
Investment amounts vary widely based on stage and conviction:
- Small participations and seed formations: $6M–$15M
- Typical lead or co-lead rounds: $25M–$80M
- Large co-investments in later stages: $100M–$175M
Notable examples: Woebot Health ($9.5M participation, 2022), EarthOptics ($10.3M Series A lead, 2021), GRO Biosciences ($25M Series A, 2021), Sound Agriculture ($45M, 2021), Ada Health ($90M Series B, 2021), Cellino ($80M Series A lead, 2022), Affini-T Therapeutics ($175M Series A co-lead, 2022), Boundless Bio ($100M Series C co-lead, 2023).
Lead Tendency
Leaps both leads and participates in rounds — they led or co-led many defining investments (Ada Health, Cellino, Sound Agriculture, EarthOptics, GRO Biosciences, Boundless Bio, NextPoint Therapeutics, Affini-T Therapeutics, NuCicer) while also participating as minority investors alongside other funds (SonoThera, Capstan Therapeutics, Sudo Biosciences). Their role varies by round size and strategic fit.
Recent Activity
Leaps has been actively deploying capital with 20+ new and follow-on investments in 2025 alone:
- July 2026: Celea Therapeutics $180M financing (deupirfenidone for IPF)
- June 2026: Co-led Leaf Agriculture's $13M Series B (AI for agribusiness)
- June 2026: Participated in SonoThera's $125M Series B (ultrasound-mediated genetic medicines)
- January 2026: Soufflé Therapeutics / Bayer strategic collaboration for siRNA heart therapy
- October 2025: Invested in Soufflé Therapeutics Series A
- September 2025: Dewpoint Therapeutics Series D for condensate modulator in gastric cancer
- September 2025: eGenesis IND clearance for xenotransplantation program
- August 2025: Fork & Good acquires Orbillion (cultivated meat expansion)
- June 2025: Capstan Therapeutics acquired by AbbVie — significant portfolio exit
- January 2025: BlueRock Therapeutics advances bemdaneprocel for Parkinson's to Phase III
- December 2024: Participated in Indapta Therapeutics Series A
- November 2024: Invested in one.bio (agriculture)
Notable Portfolio Companies
Health:
- CRISPR Therapeutics (2016): Co-founding investment in gene editing pioneer; public company (CRSP)
- BlueRock Therapeutics (2016): Stem cell therapy co-founded with Leaps; Bayer acquired majority stake; bemdaneprocel advancing to Phase III for Parkinson's
- Arvinas (2019): PROTAC protein degradation platform; public company (ARVN)
- Recursion (2020): AI-powered drug discovery; public company (RXRX)
- Metagenomi (2019): Next-generation gene editing beyond CRISPR
- Ada Health (2021): AI-powered medical guidance platform
- eGenesis (2019): Xenotransplantation — genetically engineered pig-to-human organ transplants
- Capstan Therapeutics (2022): In vivo cell engineering for immunology; acquired by AbbVie June 2025
- Dewpoint Therapeutics (2019): Condensate modulator biology for cancer and heart disease
- Senti Bio (2020): Gene circuit cell and gene therapies; public company (SNTI)
- Century Therapeutics (2019): iPSC-derived allogeneic cell therapies for cancer; public company (IPSC)
- Cellino (2021): Autonomous stem cell therapy manufacturing
- Boundless Bio (2023): ecDNA-directed therapies for oncogene-amplified cancer
- Affini-T Therapeutics (2022): T cell therapies for solid tumors with oncogenic driver mutations
- Sudo Biosciences (2024): Brain-penetrant TYK2 inhibitor for autoimmune disease
- Huma (2012): Digital health and remote patient monitoring platform
Agriculture:
- Pairwise (2017): CRISPR crop improvement; launched commercial produce; licensing CRISPR platform globally
- NuCicer (2022): High-protein chickpea ingredients for food formulation; launched Nuchi brand 2026
- Sound Agriculture (2021): Biological inputs that unlock soil nutrients
- EarthOptics (2021): Soil carbon mapping through sensing technology
- Leaf Agriculture (2025): AI and data integration for agribusiness
- one.bio (2024): Biotechnology for agriculture sustainability
- Apollo Agriculture (2019): Data-driven financing and inputs for smallholder farmers
- Fork & Good (2021): Cultivated red meat; acquired Orbillion 2025
- ChrysaLabs (2023): Instant soil insights and carbon verification
Team
- Juergen Eckhardt — EVP and Head of Leaps by Bayer; also Head of Business Development & Licensing for Bayer Pharmaceuticals. MD from University of Basel, MBA from INSEAD. 20+ years in healthcare, biotech, and venture investing. Joined Bayer in 2016 to co-found Leaps.
- Rakhshita Dhar — Co-head of Health Venture Investments
- Paimun Amini (PJ) — VP of Agriculture Venture Investments; 12+ years in agriculture/food industry; scientific and digital innovation background; passion for food and society intersection
- Derek Norman — VP of Agriculture Venture Investments
- Sara Olson — Senior Director of Agriculture Venture Investments
- Pamela Sisson — Head of Legal
- Ingo Kloeckner — Head of Portfolio Strategy & Reporting
- André Guillaume — VP / Head of Brand & Community Engagement
- Kira Peikoff — Deputy Director Communications; former journalist (New York Times, Newsweek)
The team has geographical hubs in Berlin and Boston, with members also in the Bay Area, Basel, and beyond.
Geographic Focus
Leaps invests globally with primary concentration in:
- United States (majority of portfolio — both coasts, especially Boston/Cambridge biotech corridor and Bay Area)
- Europe (Germany, Switzerland, UK)
- Asia (first Chinese investment in Ji Xing Pharmaceuticals in 2024, co-led with RTW Investments)
Decision Process and Strategic Approach
As a corporate venture arm, Leaps operates through an investment committee process within Bayer's governance structure. They do not require warm introductions — they actively source investments. Their "active incubation" model means they take board seats or observer roles and provide hands-on support through Bayer's scientific network and commercial infrastructure.
Leaps has unique access to Bayer's pharmaceutical and crop science divisions, enabling portfolio companies to form licensing collaborations, R&D partnerships, and commercial co-development agreements with Bayer directly (e.g., Soufflé Therapeutics siRNA collaboration, Dewpoint heart disease licensing, Recursion oncology collaboration, Pairwise crop improvement R&D).
Anti-Thesis
Leaps does not invest outside their 10 Leaps framework, does not invest in pure software/consumer tech/hardware without life science application, does not take majority control at initial investment, and avoids incremental improvements — they specifically seek only breakthrough science that could fundamentally shift paradigms in health or agriculture.