Bayer' takeover offer for Algeta was successful: The German chemical company will acquire the Norwegian pharma specialist for approximately € 1.9 billion. Both companies had already cooperated on the development of cancer drugs.
Leverkusen/Germany; Oslo/Norway – All regulatory approvals required have been obtained, so that transfer and payment can be finalised before March 12th. "This transaction will strengthen our oncology business and support our efforts to provide patients with innovative treatment options. We plan to work together with the Algeta team to leverage the full value of this business", said Olivier Brandicourt, CEO of Bayer Health Care. Bayer and Algeta have been collaborating since 2009 to develop and commercialize radium-223 dichloride, which was approved in the United States in May 2013 under the tradename Xofigo.
“We have already successfully collaborated with Algeta to develop and commercialize the cancer drug Xofigo“, commented Bayer CEO Dr. Marijn Dekkers. “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.”