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.

add to favorites email to friend print save as pdf

Related Stories

Bayer rules out increasing bid for Schiff Nutrition

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

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

Xtoro approved for swimmer's ear

18 hours ago

(HealthDay)—Xtoro (finafloxacin otic suspension) eardrops have been approved by the U.S. Food and Drug Administration to treat swimmer's ear, clinically known as acute otitis externa.

Drug interaction identified for ondansetron, tramadol

19 hours ago

(HealthDay)—In the early postoperative period, ondansetron is associated with increased requirements for tramadol consumption, according to a review and meta-analysis published online Dec. 10 in Anaesthesia.

New system targets germs in donated blood plasma

Dec 17, 2014

(HealthDay)—A new system designed to eliminate germs in donated blood plasma and reduce the risk of transmitting a plasma-borne infection has been approved by the U.S. Food and Drug Administration.

Judge halts Alzheimer's drug swap until July

Dec 16, 2014

A federal judge has ordered an Irish drug manufacturer to halt its plans to discontinue its widely used Alzheimer's medication, allegedly in an effort to drive patients to a newer patented drug.

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.