Norway’s Algeta confirms takeover bid approach from Bayer

26 November 2013
mergers-acquisitions-big

In response to recent media commentary, the board of directors of Norway’s Algeta (OSE: ALGETA) this morning confirmed that it has received a preliminary acquisition proposal from German pharma and chemical major Bayer (BAYN: DE).

The commentary in the media refers to an acquisition proposal at a price of 306 Norwegian kroner per Algeta share. This is incorrect, said Algeta, noting that in fact the offer price is 336 kroner per Algeta share. This would represent a total acquisition cost of around $2.4 billion, a 27% premium to the stock's last close. Algeta shares rose 30% to a record 345.10 kroner by 9:00 this morning.

Would give Bayer full ownership of Xofigo

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK



Company News Directory



Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Pharmaceutical