Bayer: A strategic acquisition to obtain the global rights of Xofigo

BUY, Fair Value EUR98 (+2%)

News published on November Tuesday 26, 2013
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In a press release issued this morning, Algeta confirms that the company has received a preliminary acquisition proposal from its Xofigo’s partner Bayer. The preliminary proposal is for NOK336 per Algeta share, i.e. a 27% premium over the last closing price. Thus the acquisition price would be worth EUR1.8bn. Bayer’s aim is to obtain the global rights for Xofigo and in particular full ownership in the US where the profits of the drug are split 50/50. At first sight, the acquisition could be accretive from 2015 onwards.

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