Deals
Bayer in Talks to Buy Partner Algeta for $2.4 Billion
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Bayer AG is in early talks to acquire Norwegian partner Algeta ASA for about 14.8 billion kroner ($2.42 billion), a move that would give Germany’s biggest drugmaker full control of a prostate cancer medicine and a pipeline of experimental radiation therapies.
Algeta received a preliminary offer for 336 kroner a share, the Oslo-based drugmaker said in a statement today, following a report on the approach by German newspaper Frankfurter Rundschau. The proposal values Algeta at 27 percent more than yesterday’s closing price of 264.6 kroner. The shares rose to 345.20 kroner, suggesting investors expect a higher bid.