Bayer to Acquire Cancer Drugmaker Algeta for $2.9 Billion
After increasing its bid by $500 million, Bayer plans to buy Norwegian drugmaker Algeta, its partner on the prostate-cancer drug Xofigo, for $2.9 billion.
The Board of Directors of Algeta has unanimously decided to recommend acceptance of the offer to its shareholders.
The cash deal would give Bayer full control over the jointly-developed Xofigo, a drug designed to treat prostate cancer patients whose disease has spread to their bones.