Bayer strengthens its position in the tumor treatments market: The chemical giant's plans to take over Norwegian company Algeta take the next step, as Bayer issued a takeover offer for all Algeta shares.
Oslo/Norway – Bayer offers NOK 362 per share in cash, accounting for a total transaction sum of approximately NOK 17.6 billion (EUR 2.1 billion). Algeta's board has already recommended that its shareholders accept the offer.
Bayer and Algeta have collaborated since 2009 to develop and commercialize radium-223 dichloride, which was approved in the United States in May 2013 under the tradename Xofigo. The European Commission granted marketing authorization for the product in November 2013. Xofigo is an alpha-particle-emitting radioactive therapeutic agent for the treatment of patients with castration-resistant prostate cancer (CRPC), symptomatic bone metastases and no known visceral metastatic disease.