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Photo: Bayer AG
24 February 2014Americas

Bayer set to complete Algeta acquisition

Bayer will acquire Norwegian pharmaceutical company Algeta for €2.1 billion ($2.9 million), it announced on Monday.

Algeta sells cancer treatment Xofigo (radium-223 dichloride), which it has been promoting  with Bayer in the US. Bayer Healthcare, a Bayer subsidiary, has the full rights to sell Xofigo outside the US.

Bayer put in an offer for Algeta in November last year. On Monday, February 24, the offer period, the time in which the offer must be accepted, was extended to February 26.

Algeta and Bayer have been jointly developing Xofigo since 2009. The US Food and Drug Administration approved the drug in May last year. Bayer received European marketing authorisation for it in November.

Bayer said that all regulatory approvals related to the Algeta transaction have been obtained, but the offer is still subject to certain closing conditions.

When contacted by LSIPR, Bayer said that it had no further comment about the transaction.