Bayer to buy Norwegian partner for $2.9B

Bayer (BAYZF) has increased its offer for partner Algeta (ALGZF) to $2.9B from an initial bid of $2.41B, with the proposal receiving support from the Norwegian company's board.

The acquisition would give Bayer full control of Xofigo, a prostate-cancer treatment that the German drugs and chemicals firm has developed with Algeta since 2009.

Bayer views Xofigo, which was launched in the U.S. this year, as one of its five most important new medicines. (PR)

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