Bayer seals $2.9B acquisition of Norway's Algeta

|About: Bayer A.G. (BAYZF)|By:, SA News Editor

Bayer (BAYZF) is on course to acquire partner Algeta (ALGZF) after the German company received acceptance representing 92.17% of the Norwegian company's stock for its $2.9B bid.

Bayer has also extended the acceptance deadline of the offer by two days to Wednesday and it expects to close the deal in Q1.

The acquisition will 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. last year, as one of its five most important new medicines. (PR)