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.
Just weeks after selling its blood-transfusion business and announcing a new strategy focusing on pharmaceutical development, Novartis is reportedly opening the books on its animal-health business to potential buyers. Bayer may be the top suiter.
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.
Bayer has taken another step toward fulfilling blockbuster ambitions for its eye drug Eylea. The German drugmaker asked European regulators to approve the vision-loss treatment for patients with diabetic macular edema. With diabetes on the rise all over the world, the new indication could offer long-term growth for the already fast-rising drug.
Eye drug Eylea and blood thinner Xarelto are pretty good products for any drugmaker to have in its lineup, and Bayer's got them both. Sales of those new stars have been plentiful, and they helped the German company raise earnings 7.7% for the third quarter, the company announced Thursday.
It seemed like a match made in heaven. A few years ago, as the patent cliff neared and drugmakers were looking for new sources of revenue, market researchers were toting up growth prospects around...
Sysmex and Bayer struck a deal that takes personalized medicine yet another step forward. The Japanese diagnostics giant and the German drugmaker will develop companion diagnostic tests designed for targeted cancer tumor treatments. Neither side is disclosing financial details, but they'll carry out their agreement through subsidiaries.
Bayer, the German drugmaker, will join forces with Japanese diagnostics giant Sysmex to develop companion diagnostics tests for targeted cancer tumor treatments. Specifically, Sysmex's newly-acquired Inostics division will develop blood-based companion diagnostic tests to be paired with targeted anti-cancer drugs advanced by Bayer HealthCare.
Bayer scored another R&D success with the FDA approval of Adempas (riociguat) for two rare pulmonary disorders. But with a rival drug candidate breathing down its neck, Bayer will have to carve out a place in that market quickly.