German drug-maker Bayer AG is negotiating to buy out partner, Algeta SA. The Norway-based drug company currently shares control of its prostate cancer medicine with Germany’s Bayer. Under the proposed deal, Bayer would take full control of the drug, along with a pipeline of experimental radiation therapies. Bayer has offered 14.8 billion kroner (about $2.42 billion) for Algeta, a price which would value Algeta at a 27 percent premium to yesterday’s close. Looking ahead, it’s unclear what effect the acquisition will have on Bayer’s bottom line.
The Dow industrials eked out a slim gain to close at a new record high today but the Nasdaq was unable to hold onto the 4,000 mark that it reached for the first time in 13 years as it retreated just below that level, despite gaining ground for the day. The S&P 500 Index fell short of break even today.
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