Bayer bids $2.41B for prostate-cancer drug partner

|By:, SA News Editor

Bayer (BAYZF) has offered 14.76B Norwegian kroner ($2.41B) to acquire partner Algeta (ALGZF), with the bid of 336 kroner a share representing a 27% premium to the latter's last closing price.

Earlier this month, Bayer and Algeta received EU marketing approval for prostate-cancer treatment Xofigo. (PR)

This was corrected on 11/26/2013 at 06:51 AM. The headline incorrectly stated the amount of Bayer's offer.