Bayer to Acquire Cancer Drugmaker Algeta for $2.9 Billion

Dec. 19, 2013

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.

Read the Bayer press release