Bayer bids $2.4bn for Norway pharma firm

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 on Tuesday.

Bayer bids $2.4bn for Norway pharma firm
Xofigo, Algeta's leading cancer treatment - Algeta
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 prostate cancer — was approved for use in the US in May and is distributed in cooperation with Bayer.

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Bayer says $2.6bn Algeta takeover successful

German pharmaceuticals giant Bayer said on Wednesday that its 1.9-billion-euro ($2.6-billion) bid for Norwegian cancer treatment specialist Algeta has been successful and it now holds more than 97 percent in the firm.

Bayer says $2.6bn Algeta takeover successful
Xofigo, Algeta's leading cancer treatment - Algeta
"The way is now clear for the Bayer group to acquire Norwegian pharmaceutical company Algeta," the German giant said in a statement.
"On expiration of the offer deadline on February 26, Bayer had received acceptances for the voluntary takeover offer for a total of approximately 42.73 million shares, representing approximately 97.28 percent of Algeta's share capital," the statement said.
The German firm had offered Algeta shareholders 362 kronor per share in cash.
Bayer said it has obtained all regulatory approvals required for completion of the deal.
"The transfer of shares to Bayer and the payment of the offer price will take place in the coming days but no later than March 12," it said.
Following that, Bayer would initiate a compulsory acquisition process with the aim of becoming the sole shareholder of Algeta.
It would also file for delisting of the Algeta shares from the Oslo Stock Exchange.
Bayer said it expected to complete the acquisition in the first quarter of this year.
Bayer and Algeta have been collaborating since 2009 on the development and commercialisation of the cancer drug Xofigo.
"The acquisition gives us full control over Xofigo. We are absolutely convinced of the potential of this drug and the underlying technology to provide patients with innovative treatment options," Bayer said.