German pharmaceuticals giant Bayer said Thursday it has launched a 1.9-billion-euro ($2.6-billion) bid to buy Norwegian cancer treatment specialist Algeta.
"The Bayer group plans to further strengthen its oncology portfolio with the acquisition of Norwegian pharmaceutical company Algeta," the German group said in a statement.
"Bayer has reached an agreement with Algeta's board of directors to make a recommended voluntary public takeover offer to Algeta's shareholders, and is offering them 362 kronor per share in cash," the statement said.
The offer implied an equity value of 17.6 billion kronor or 2.1 billion euros and an enterprise value of 16.2 billion kronor or 1.9 billion euros.
The offer price represented a premium of 37 percent over the closing price on November 25, the day before Algeta confirmed that it had received a preliminary, non-binding acquisition proposal from Bayer.
Bayer said Algeta's board of directors had "unanimously decided to recommend acceptance of the offer to its shareholders."
"We have already successfully collaborated with Algeta to develop and commercialize the cancer drug Xofigo. The planned acquisition would give us full control over Xofigo. We are absolutely convinced of the potential of this drug," said Bayer chief executive Marijn Dekkers.
Explore further: Bayer bids 1.8 bn euro for Norway's Algeta
© 2013 AFP
Medical Xpress on facebook
Related Stories
Bayer bids 1.8 bn euro for Norway's Algeta
Nov 26, 2013
German pharmaceutical group Bayer has made a bid for its Norwegian partner and competitor Algeta, specialised in cancer treatments, for 1.8 billion euro ($2.4 billion), the Nordic company said Tuesday.
Bayer says new products push profits higher in Q3
Oct 31, 2013
German chemicals and pharmaceuticals group Bayer, maker of Aspirin, said on Thursday that new pharmaceutical products and favourable agrochemical prices gave profits a fillip in the third quarter.
Bayer rules out increasing bid for Schiff Nutrition
Nov 20, 2012
German chemicals and pharmaceuticals giant Bayer withdrew from a battle to buy US-based Schiff Nutrition International on Tuesday, ruling out an increase to its bid against a rival counter offer.
Bayer flags strong results of prostate cancer drug
Jun 06, 2011
German chemical and pharmaceutical group Bayer said Monday that its Alpharadin treatment for prostate cancer has shown positive results in advanced trials.
Bayer to pay $1.1B for California firm Conceptus
Apr 29, 2013
(AP)—German drug company Bayer AG says it has agreed to buy California-based Conceptus for around $1.1 billion to expand the kinds of birth control it offers.
Recommended for you
AstraZeneca takes control of diabetes venture for $4.1bn
27 minutes ago
Anglo-Swedish drugs firm AstraZeneca said Thursday it will buy Bristol-Myers Squibb's stake in their diabetes venture for up to $4.1 billion (3.0 billion euros).
Vemurafenib: Result unchanged despite new data
17 hours ago
Pursuant to the Act on the Reform of the Market for Medicinal Products (AMNOG), the German Institute for Quality and Efficiency in Health Care (IQWiG) reassessed vemurafenib (trade name: Zelboraf), a drug for the treatment ...
Japan to seek criminal prosecution of Novartis
Dec 18, 2013
Japan's health ministry intends to file a criminal complaint against the local arm of Swiss pharmaceutical giant Novartis over alleged fabrication of drugs data, a report said Wednesday.
Pfizer, Teva reach deal to allow generic Viagra
Dec 17, 2013
Pfizer says it reached a settlement with Teva Pharmaceuticals that allows the generic drugmaker to launch a copycat version of its popular erectile dysfunction drug Viagra in 2017.
GSK to scrap individual sales targets (Update)
Dec 17, 2013
British drug company GlaxoSmithKline said Tuesday it would stop paying doctors to promote its products at speaking engagements and scrap individual sales targets, months after its ethics were challenged by a bribery scandal ...
New concerns over safety of common anesthetic
Dec 13, 2013
Patients receiving the widely used anesthesia drug etomidate for surgery may be at increased risk or mortality and cardiovascular events, according to a study in the December issue of Anesthesia & Analgesia, official journa ...
User comments
© Medical Xpress 2011-2013, Science X network
German pharmaceuticals giant Bayer said Thursday it has launched a 1.9-billion-euro ($2.6-billion) bid to buy Norwegian cancer treatment specialist Algeta.
"The Bayer group plans to further strengthen its oncology portfolio with the acquisition of Norwegian pharmaceutical company Algeta," the German group said in a statement.
"Bayer has reached an agreement with Algeta's board of directors to make a recommended voluntary public takeover offer to Algeta's shareholders, and is offering them 362 kronor per share in cash," the statement said.
The offer implied an equity value of 17.6 billion kronor or 2.1 billion euros and an enterprise value of 16.2 billion kronor or 1.9 billion euros.
The offer price represented a premium of 37 percent over the closing price on November 25, the day before Algeta confirmed that it had received a preliminary, non-binding acquisition proposal from Bayer.
Bayer said Algeta's board of directors had "unanimously decided to recommend acceptance of the offer to its shareholders."
"We have already successfully collaborated with Algeta to develop and commercialize the cancer drug Xofigo. The planned acquisition would give us full control over Xofigo. We are absolutely convinced of the potential of this drug," said Bayer chief executive Marijn Dekkers.
Explore further: Bayer bids 1.8 bn euro for Norway's Algeta
© 2013 AFP
Medical Xpress on facebook
Related Stories
Bayer bids 1.8 bn euro for Norway's Algeta
Nov 26, 2013
German pharmaceutical group Bayer has made a bid for its Norwegian partner and competitor Algeta, specialised in cancer treatments, for 1.8 billion euro ($2.4 billion), the Nordic company said Tuesday.
Bayer says new products push profits higher in Q3
Oct 31, 2013
German chemicals and pharmaceuticals group Bayer, maker of Aspirin, said on Thursday that new pharmaceutical products and favourable agrochemical prices gave profits a fillip in the third quarter.
Bayer rules out increasing bid for Schiff Nutrition
Nov 20, 2012
German chemicals and pharmaceuticals giant Bayer withdrew from a battle to buy US-based Schiff Nutrition International on Tuesday, ruling out an increase to its bid against a rival counter offer.
Bayer flags strong results of prostate cancer drug
Jun 06, 2011
German chemical and pharmaceutical group Bayer said Monday that its Alpharadin treatment for prostate cancer has shown positive results in advanced trials.
Bayer to pay $1.1B for California firm Conceptus
Apr 29, 2013
(AP)—German drug company Bayer AG says it has agreed to buy California-based Conceptus for around $1.1 billion to expand the kinds of birth control it offers.
Recommended for you
AstraZeneca takes control of diabetes venture for $4.1bn
27 minutes ago
Anglo-Swedish drugs firm AstraZeneca said Thursday it will buy Bristol-Myers Squibb's stake in their diabetes venture for up to $4.1 billion (3.0 billion euros).
Vemurafenib: Result unchanged despite new data
17 hours ago
Pursuant to the Act on the Reform of the Market for Medicinal Products (AMNOG), the German Institute for Quality and Efficiency in Health Care (IQWiG) reassessed vemurafenib (trade name: Zelboraf), a drug for the treatment ...
Japan to seek criminal prosecution of Novartis
Dec 18, 2013
Japan's health ministry intends to file a criminal complaint against the local arm of Swiss pharmaceutical giant Novartis over alleged fabrication of drugs data, a report said Wednesday.
Pfizer, Teva reach deal to allow generic Viagra
Dec 17, 2013
Pfizer says it reached a settlement with Teva Pharmaceuticals that allows the generic drugmaker to launch a copycat version of its popular erectile dysfunction drug Viagra in 2017.
GSK to scrap individual sales targets (Update)
Dec 17, 2013
British drug company GlaxoSmithKline said Tuesday it would stop paying doctors to promote its products at speaking engagements and scrap individual sales targets, months after its ethics were challenged by a bribery scandal ...
New concerns over safety of common anesthetic
Dec 13, 2013
Patients receiving the widely used anesthesia drug etomidate for surgery may be at increased risk or mortality and cardiovascular events, according to a study in the December issue of Anesthesia & Analgesia, official journa ...
User comments
© Medical Xpress 2011-2013, Science X network
0 comments:
Post a Comment