FRANKFURT Feb 26 Bayer has clinched
a $2.9 billion deal to take over Algeta after being
tendered 97.28 percent of the shares in the Norwegian cancer
drug maker, the German drug firm said on Wednesday.
Bayer said the transfer of shares to Bayer and the payment
of the offer price would take place in the coming days but no
later than March 12, 2014.
After that, Bayer intends to become the sole shareholder and
to file for delisting of Algeta from the Oslo stock exchange.
Bayer bid for Algeta late last year to gain outright control
over novel prostate cancer drug Xofigo which the two have
developed jointly since 2009 and started selling in the United
States in 2013. The drug also won European approval in
The deal was contingent on Bayer being tendered 90 percent
of Algeta's share capital. Bayer had extended the acceptance
deadline by two days on Monday to eliminate any remaining
uncertainty as to whether the bid had succeeded.
(Reporting by Marilyn Gerlach and Ludwig Burger; Editing by