Bayer clinches $2.9 billion deal for Norway's Algeta

Reuters

OSLO, Feb 24 (Reuters) - German drug firm Bayer has clinched a $2.9 billion deal to take over Norwegian cancer drug maker Algeta after receiving 92.17 percent of shares in a cash offer, Algeta said on Monday.

Bayer bid for Algeta last year to gain outright control over a novel prostate cancer drug the two have developed jointly since 2009 and started selling in the United States in 2013.

Bayer also said it extended the acceptance deadline by two days to February 26 and expects the deal to close in the first quarter.

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