Germany: Bayer buyout inches towards completion

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.

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