Bayer set to acquire cancer specialist Algeta

Posted - Dec. 19, 2013 at 3:11 a.m.



This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

BERLIN (AP) - Germany's Bayer AG is set to acquire cancer drug maker Algeta ASA after raising its offer for the Norwegian-based company to nearly $2.9 billion.

The two firms said Thursday drug and chemical company Bayer will make a cash offer of 362 kroner ($59.24) per Algeta share. Last month, Algeta said it had received a preliminary takeover offer of 336 kroner per share.

Algeta says its directors unanimously decided to recommend that shareholders accept the revised offer.

Algeta has its headquarters in Oslo and has a U.S. subsidiary, Algeta US, LLC, based in Cambridge, Massachusetts.

Its shares were up 1.5 percent in Oslo trading at 359 kroner after the announcement; Bayer's shares rose 1 percent in Frankfurt to 99.30 euros ($136.65).

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

SIGN UP FOR THE KSL.COM NEWSLETTER

Catch up on the top news and features from KSL.com, sent weekly.
By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

KSL Weather Forecast