Norwegian cancer drug maker Algeta today confirmed media reports that partner Bayer has pitched a $2.4B acquisition deal.
A report in the German newspaper Frankfurter Rundschau broke the news of the bid, which was picked up by Reuters and Bloomberg and confirmed by the companies today.
Algeta works with Trout Group for financial communications in the U.S. and Citigate Dewe Rogerson in the U.K. Mike Booth heads corporate communications and affairs from London.
In a statement, Algeta confirmed it received the "preliminary acquisition proposal" from Bayer and corrected media reports that lowballed the price – it is 336 kroner per share, not 306 per the original report.
"There is no certainty that this preliminary acquisition proposal will lead to a transaction or as to the terms of any such transaction," the company said in a statement.
Bayer funds some medical trials for Algeta's prostate cancer drug Xofigo, according to Bloomberg, which cited analysts who expect the $2.4B price tag to rise.
Bayer confirmed the bid to media but declined further comment.
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