February 26, 2014 / 9:26 AM / in 4 years

Bayer says takeover offer for Algeta successful

FRANKFURT, Feb 26 (Reuters) - 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 November.

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 Maria Sheahan)

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