A PYMNTS Company

Germany: Bayer buyout inches towards completion

By  |  January 10, 2014

Pharmaceutical conglomerate Bayer received clearance from Germany’s Federal Cartel Office this week for the company’s planned acquisition of Norway-based biotech company Algeta, say reports, placing Bayer closer to its goal of adding a new cancer drug to its portfolio.

The regulatory clearance comes after Algeta’s board of directors approved the transaction, to be made for $2.87 billion. The deal remains subject to approval from Bayer shareholders.

Bayer and Algeta have already partnered up to develop the cancer therapy treatment drug Xofigo, a joint venture started in 2009.

Full Content: The Motley Fool

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.