Thu Dec 19, 2013 3:06am EST
<span id="articleText"/>* Bayer raises offer to 362 crowns/share from 336 crowns
<span id="midArticle_0"/>* Algeta's board unanimously backs Bayer sweetened bid
<span id="midArticle_1"/>* Bayer shares up 0.6 pct, Algeta shares up 1.5 pct (Adds strategic implication, Algeta statement)
<span id="midArticle_2"/>FRANKFURT/OSLO, Dec 19 (Reuters) - Bayer has won the backing of Algeta's board to take over its Norwegian partner for a new prostate cancer treatment after sweetening its offer to 362 Norwegian crowns per share, valuing Algeta at $2.9 billion.
<span id="midArticle_3"/>The deal would boost Bayer's drugs division by giving it outright control over Xofigo, a drug the two have developed jointly since 2009 and started selling in the United States this year.
<span id="midArticle_4"/>Bayer in late November offered to pay 336 Norwegian crowns per Algeta share.
<span id="midArticle_5"/>Algeta's board unanimously recommended that shareholders accept Bayer's sweetened offer, Algeta said in a statement on Thursday. It added that a fund that is the company's largest shareholder and senior Algeta managers -- together representing 14 percent of Algeta's share capital -- planned to accept the deal.
<span id="midArticle_6"/>Bayer's offer represents a 37 percent premium to Algeta's closing price on Nov. 25, the day before the offer became public, and a 48 percent premium to the three-month volume weighted average stock price on Nov. 25, Algeta said.
<span id="midArticle_7"/>($1 = 0.7266 euros) (Reporting by Jonathan Gould, Christoph Steitz and Gwladys Fouche; editing by Keiron Henderson)
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<span id="articleText"/>* Bayer raises offer to 362 crowns/share from 336 crowns
<span id="midArticle_0"/>* Algeta's board unanimously backs Bayer sweetened bid
<span id="midArticle_1"/>* Bayer shares up 0.6 pct, Algeta shares up 1.5 pct (Adds strategic implication, Algeta statement)
<span id="midArticle_2"/>FRANKFURT/OSLO, Dec 19 (Reuters) - Bayer has won the backing of Algeta's board to take over its Norwegian partner for a new prostate cancer treatment after sweetening its offer to 362 Norwegian crowns per share, valuing Algeta at $2.9 billion.
<span id="midArticle_3"/>The deal would boost Bayer's drugs division by giving it outright control over Xofigo, a drug the two have developed jointly since 2009 and started selling in the United States this year.
<span id="midArticle_4"/>Bayer in late November offered to pay 336 Norwegian crowns per Algeta share.
<span id="midArticle_5"/>Algeta's board unanimously recommended that shareholders accept Bayer's sweetened offer, Algeta said in a statement on Thursday. It added that a fund that is the company's largest shareholder and senior Algeta managers -- together representing 14 percent of Algeta's share capital -- planned to accept the deal.
<span id="midArticle_6"/>Bayer's offer represents a 37 percent premium to Algeta's closing price on Nov. 25, the day before the offer became public, and a 48 percent premium to the three-month volume weighted average stock price on Nov. 25, Algeta said.
<span id="midArticle_7"/>($1 = 0.7266 euros) (Reporting by Jonathan Gould, Christoph Steitz and Gwladys Fouche; editing by Keiron Henderson)
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