Bayer considers itself a disciplined M&A strategist. Apparently, its discipline stretched far enough to accommodate a $500 million increase in its bid for Algeta, the Norwegian drugmaker that's also its partner on the Xofigo cancer treatment.
It took a half-billion-dollar sweetener, but Bayer has closed the deal to buy its cancer drug partner Algeta for $2.9 billion in cash. The buyout leaves Bayer with full control of the prostate cancer drug Xofigo along with a pipeline that includes a potential next-gen successor to the targeted radioactive therapy.
When Bayer CEO Marijn Dekkers stepped into the job in 2010, he had a trove of cash, and he promised to spend a big chunk on deals. A $23 billion chunk, in fact. Since then, the German conglomerate hasn't exactly been audacious in the M&A arena. Bayer has snapped up a healthcare company or three, but it's quick to back away if a price gets too rich.
Earlier this year, Bayer happily heralded the FDA's approval of Xofigo for castration-resistant prostate cancer as an important milestone for its steadily growing portfolio of cancer therapies. And now the German pharma company has set its sights on bagging Algeta--the Norwegian company that discovered the therapy and subsequently partnered with Bayer--for $2.4 billion.
Friday, the EU's Committee for Medicinal Products for Human Use (CHMP) recommended 11 new drugs for a variety of diseases--the most nods it's given in a single meeting all year.
The approval comes just three months after the FDA granted priority review status for Alpharadin, a radiopharmaceutical from Bayer and Norway's Algeta that will now enter an increasingly competitive--and growing--market.
In-licensed from Norway's Algeta, Alpharadin is one of the pharma company's top late-stage prospects, following a string of regulatory wins on the development front.
Shares of Medivation ($MDVN) jumped 17% today after the drug developer confirmed some promising Phase III data on the closely-watched prostate cancer therapy MDV3100 and added some reassuring numbers
The experimental prostate cancer drug Alpharadin took center stage at the big EMCC meeting in Stockholm, with researchers reporting that they had suspended a registration trial after
Bayer and its biotech partner Algeta took a big step today toward a relatively quick FDA decision on their closely-watched prostate cancer drug Alpharadin (radium-223 chloride). Regulators are