Bayer launches 1.9-bn-euro bid for Norway's Algeta

December 19, 2013

German pharmaceuticals giant Bayer said Thursday it has launched a 1.9-billion-euro ($2.6-billion) bid to buy Norwegian cancer treatment specialist Algeta.

"The Bayer group plans to further strengthen its oncology portfolio with the acquisition of Norwegian pharmaceutical company Algeta," the German group said in a statement.

"Bayer has reached an agreement with Algeta's board of directors to make a recommended voluntary public takeover offer to Algeta's shareholders, and is offering them 362 kronor per share in cash," the statement said.

The offer implied an equity value of 17.6 billion kronor or 2.1 billion euros and an enterprise value of 16.2 billion kronor or 1.9 billion euros.

The offer price represented a premium of 37 percent over the closing price on November 25, the day before Algeta confirmed that it had received a preliminary, non-binding acquisition proposal from Bayer.

Bayer said Algeta's board of directors had "unanimously decided to recommend acceptance of the offer to its shareholders."

"We have already successfully collaborated with Algeta to develop and commercialize the cancer drug Xofigo. The planned acquisition would give us full control over Xofigo. We are absolutely convinced of the potential of this drug," said Bayer chief executive Marijn Dekkers.

Explore further: Bayer bids 1.8 bn euro for Norway's Algeta

Related Stories

Bayer bids 1.8 bn euro for Norway's Algeta

November 26, 2013
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.

Bayer says new products push profits higher in Q3

October 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.

Bayer to pay $1.1B for California firm Conceptus

April 29, 2013
(AP)—German drug company Bayer AG says it has agreed to buy California-based Conceptus for around $1.1 billion to expand the kinds of birth control it offers.

Recommended for you

Study suggests ending opioid epidemic will take years

July 20, 2017
The question of how to stem the nation's opioid epidemic now has a major detailed response. A new study chaired by University of Virginia School of Law Professor Richard Bonnie provides extensive recommendations for curbing ...

Team-based model reduces prescription opioid use among patients with chronic pain by 40 percent

July 17, 2017
A new, team-based, primary care model is decreasing prescription opioid use among patients with chronic pain by 40 percent, according to a new study out of Boston Medical Center's Grayken Center for Addiction Medicine, which ...

Private clinics' peddling of unproven stem cell treatments is unsafe and unethical

July 7, 2017
Stem cell science is an area of medical research that continues to offer great promise. But as this week's paper in Science Translational Medicine highlights, a growing number of clinics around the globe, including in Australia, ...

Popular heartburn drugs linked to higher death risk

July 4, 2017
Popular heartburn drugs called proton pump inhibitors (PPIs) have been linked to a variety of health problems, including serious kidney damage, bone fractures and dementia. Now, a new study from Washington University School ...

Most reproductive-age women using opioids also use another substance

June 30, 2017
The majority of reproductive-age and pregnant women who use opioids for non-medical purposes also use at least one other substance, ranging from nicotine or alcohol to cocaine, according to a University of Pittsburgh Graduate ...

At-risk chronic pain patients taper opioids successfully with psychological tools

June 28, 2017
Psychological support and new coping skills are helping patients at high risk of developing chronic pain and long-term, high-dose opioid use taper their opioids and rebuild their lives with activities that are meaningful ...

0 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.