Bayer AG Bids $2.4 Billion For Norwegian Cancer Drug Partner Algeta

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Bayer (BAYGn.DE) has offered to pay $2.4 billion for Norway's Algeta (ALGETA.OL), its partner for a new prostrate cancer treatment, at a 27 percent premium to the stock's last close, Algeta said on Tuesday. 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. Investors, however, bet that the German drugs and chemicals group has a fight on its hands and Algeta's Chief Financial Officer said that rival bids could not be ruled out.

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