Bayer Bids $2.42B for Cancer Drug Partner Algeta

Nov. 26, 2013

Bayer, Germany’s biggest drugmaker, has offered a $2.42 billion bid for Norway's Algeta, its partner for a recently-approved prostrate cancer treatment.

A sale would give Bayer full control of the jointly-developed Xofigo, a drug designed to treat prostate cancer patients whose disease has spread to their bones, as well as a pipeline of experimental radiation therapies.

According to Reuters, Algeta CFO Oystein Soug said that rival bids could not be ruled out. Soug also told Reuters, "I think this company has great prospects on a standalone basis." .

Read the Reuters press release