Bayer wins cancer firm Algeta with raised $2.9B bid

Bayer has won backing from the board of Algeta, its partner for a new prostate cancer treatment, for an increased $2.9 billion offer to buy the Norwegian company.

Reuters reports the cash deal would give Bayer outright control over Xofigo, a drug the companies have developed jointly since 2009. It started selling in the U.S. this year.

Bayer initially offered $2.4 billion, but sweetened its offer.

Read more from Reuters.