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Bayer Offers to Acquire Partner

 (Image source: sjmediaroom)

Germany’s largest drug maker Bayer AG (ETR:BAYN) has offered to buy Algeta ASA (STO:ALGETAO), a Norwegian based cancer drug maker for  $2.4 billion. The two drug makers are already in a joint partnership distributing the prostate cancer drug Xofigo. Acquiring Algeta would give Bayer full control of Xofigo. The offer price represents a 27 percent premium over Algeta’s closing price on Monday. The deal is in the preliminary stages with no acceptance yet from Algeta.