Germany's biggest pharmaceuticals company, Bayer, has said its entered the finishing straight towards buying Norway's Algeta. The latter is the maker of a strategically important cancer treatment drug.
Leverkusen-based Bayer announced Wednesday its roughly 2-billion-euro ($2.6-billion) bid for Norwegian cancer treatment specialist Algeta had been successful as the company now held more than 97 percent in the firm.
"On expiration of the offer deadline on February 26, Bayer had received acceptances for the voluntary takeover offer of approximately 42.73 million shares," Bayer said in a statement.
The pharmaceuticals giant added the transfer of shares and the payment of the offer price would take place in the coming days, but no later than March 12. Bayer said it had already obtained all regulatory approvals required for the completion of the deal.
Likely sales success
"The acquisition gives us full control over Algeta's cancer treatment drug Xofigo," Bayer commented. "We're absolutely convinced of the potential of this drug and the underlying technology to provide patients with innovative treatment options."
Xofigo gives off alpha radiation and is said to have a direct impact on cancer cells in bones. Bayer's Chief Executive Marijn Dekkers said the takeover would strengthen his firm's oncology business, with Xofigo expected to create revenues of over one billion euros annually.
Bayer and Algeta had been collaborating since 2009 on the development and commercialization of Xofigo. Algeta shares are now to be delisted from the Oslo Stock Exchange.
hg/hc (Reuters, AFP)