Bayer bids 1.8 bn euro for Norway's Algeta

German pharmaceutical group Bayer has made a bid for its Norwegian partner and competitor Algeta, specialised in cancer treatments, for 1.8 billion euro ($2.4 billion), the Nordic company said Tuesday.

In a statement to the Oslo Stock Exchange responding to recent media reports, Algeta said that Bayer had offered 336 kroner (40.7 euro, $55.2) per share.

The company added that the acquisition price quoted in the media (306 kroner) was lower than the actual offer from the German group.

The bid was 27 percent higher than the last closing price of Algeta (264,60 kroner).

Algeta is specialised in radiotherapy treatments that use radium 223 and thorium 227 to destroy cancer cells while causing minimal damage to surrounding tissue.

The company's leading product Xofigo—a treatment for —was approved for use in the US in May and is distributed in cooperation with Bayer.

Related Stories

Bayer rules out increasing bid for Schiff Nutrition

date Nov 20, 2012

German chemicals and pharmaceuticals giant Bayer withdrew from a battle to buy US-based Schiff Nutrition International on Tuesday, ruling out an increase to its bid against a rival counter offer.

Bayer says new products push profits higher in Q3

date Oct 31, 2013

German chemicals and pharmaceuticals group Bayer, maker of Aspirin, said on Thursday that new pharmaceutical products and favourable agrochemical prices gave profits a fillip in the third quarter.

Recommended for you

FDA clears drug for leading form of cystic fibrosis

date Jul 02, 2015

Federal health officials have approved a new combination drug for the most common form of cystic fibrosis, the debilitating inherited disease that causes internal mucus buildup, lung infections and early death. But it will ...

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.