Bayer wins Norway cancer firm Algeta with raised $2.9 billion offer

FRANKFURT/OSLO (Reuters) – Bayer (BAYN.DE) has won the backing of Algeta’s (ALGETA.OL) board to take over its Norwegian partner for a new prostate cancer treatment after sweetening its offer to 362 Norwegian crowns per share, valuing Algeta at $2.9 billion. The deal would boost Bayer’s drugs division by giving it outright control over Xofigo, a drug the two have developed jointly since 2009 and started selling in the United States this year. Bayer in late November offered to pay 336 Norwegian crowns per Algeta share. Algeta’s board unanimously recommended that shareholders accept Bayer’s sweetened offer, Algeta said in a statement on Thursday.

    

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