Bayer buys Norwegian cancer treatment specialist Algeta

Bayer has completed its $2.6 billion (1.56 billion pounds) takeover of Norwegian cancer treatment specialist Algeta.

The deal is for 42.73 million shares in Algeta and will mean that Bayer holds more than 97 percent of the firm.

Bayer confirmed that it had secured all the necessary regulatory approvals that are required for the completion of the acquisition.

"The transfer of shares to Bayer and the payment of the offer price will take place in the coming days but no later than March 12th," the German company said. 

Once payment is complete, Bayer will initiate a compulsory acquisition process to become the sole shareholder of Algeta and file for delisting of the shares from the Oslo Stock Exchange – all of which should be completed in the first quarter of this year.

Bayer and Algeta have allied since 2009 when both companies worked on the development and commercialisation of Xofigo