March 6th The Bayer Group completed the voluntary takeover offer for Norwegian pharmaceutical company Algeta ASA, Oslo. As a result, Bayer now holds 98.2 % of the shares and voting rights in Algeta. Bayer intends to initiate a compulsory acquisition process in order to acquire the remaining shares of minority shareholders in Algeta in the coming days. Bayer intends to file for delisting of the Algeta shares from the Oslo Stock Exchange (OSE).
Algeta is a company focused on developing, manufacturing and marketing novel targeted therapies for patients with cancer. Algeta's lead product Xofigo® injection (radium Ra 223 dichloride, radium-223; previously called Alpharadin) is an alpha particle-emitting pharmaceutical with an anti-tumor effect on bone metastases.
In September 2009, Algeta signed an agreement with Bayer for the development and commercialization of Xofigo. Under the terms of this agreement, Bayer will develop, apply for health authority approvals worldwide and commercialize Xofigo globally. Algeta is eligible for royalties and milestones based on Bayer’s sales of Xofigo outside the US, and Algeta US is co-promoting Xofigo with Bayer in the US.
Algeta is also evaluating the potential of Targeted Thorium Conjugates (TTCs), which are based on conjugating the alpha-emitter thorium-227 to targeting molecules, as a basis of a potential future pipeline of tumor-targeting alpha-pharmaceutical candidates.
In December 2013, the Board of Directors of Algeta ASA announced that it had unanimously recommended the voluntary cash offer (the “Offer”) of NOK 362 per share from Bayer to acquire the entire issued share capital of Algeta.
