BERLIN (AP) -- Germany's Bayer AG is set to acquire cancer drug maker Algeta ASA after raising its offer for the Norwegian-based company to nearly $2.9 billion.
The two firms said Thursday drug and chemical company Bayer will make a cash offer of 362 kroner ($59.24) per Algeta share. Last month, Algeta said it had received a preliminary takeover offer of 336 kroner per share.
Algeta says its directors unanimously decided to recommend that shareholders accept the revised offer.
Algeta has its headquarters in Oslo and has a U.S. subsidiary, Algeta US, LLC, based in Cambridge, Massachusetts.
Its shares were up 1.5 percent in Oslo trading at 359 kroner after the announcement; Bayer's shares rose 1 percent in Frankfurt to 99.30 euros ($136.65).