Bayer to Acquire Partner, Algeta (Bloomberg)
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.
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