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.