Algeta ASA
TypeAcquired by Bayer AG in December 2013
IndustryBiotechnology
Founded1997
HeadquartersOslo, Norway
ProductsXofigo
WebsiteBayer.no

Algeta ASA (ALGETA:NO) was founded in 1997 by Roy H. Larsen and Øyvind S. Bruland in Oslo, Norway as a private biotechnology and pharmaceutical company.[1] The company’s research and development focus lies in the field of alpha-particle emitting radiopharmaceuticals. The lead product of the company, Xofigo is the first marketed alpha-particle emitting radiopharmaceutics for cancer treatment.[2]

Early fund raising

Algeta raised its series A financing round in 2005 with a total amount of €23 million.[3] The financing round was led by new investors HealthCap, Advent Venture[4] and SR One.[5]

Public offering

In March 2007, the company went public and traded in the Oslo Stock Exchange under the ticker symbol ALGETA and raised $41 million.[6]

Xofigo

Algeta’s lead product Xofigo (radium Ra 223 dichloride, radium-223, previously called Alpharadin) is a radiotherapeutic drug which is supplied as injectable sterile solution. The active ingredient alpha particle emitting isotope radium-223 mimics calcium and forms complexes with hydroxyapatite at areas where increased bone turnover takes place, such as cancer bone metastasis. The product received U.S. Food and Drug Administration (FDA) and European Medicines Agency (EMA)[7] approval in May 2013 [8] and November 2013,[9] respectively, to treat castration-resistant prostate cancer, symptomatic bone metastases and unknown visceral metastatic disease. The FDA approval was based on a double-blind, randomized, placebo-controlled phase III clinical trial of 809 patients with castration-resistant prostate cancer and symptomatic bone metastases. The trial was designed to measure overall survival. Interim analysis revealed 14 months median overall survival in the Xofigo group as compared to 11.2 months in the placebo group. The data were later confirmed by updated exploratory analysis showing Xofigo improved overall survival.

Algeta Bayer deals

In September 2009, Algeta and Bayer AG anchored a development and commercialization deal for Xofigo with the total deal size of $800 million.[10] In December 2013, Bayer offered a full acquisition of Algeta for $2.9 billion.[11] The largest shareholder HealthCap pre-approved the deal which was completed in March 2014.[12]

References

  1. ↑ "Algeta ASA - Company Profile and News". Bloomberg News.
  2. ↑ "Xofigo (Radium Ra 223 Dichloride): The First Alpha Particle–Emitting Radioactive Agent for the Treatment of Castration-Resistant Prostate Cancer with Symptomatic Bone Metastases". Archived from the original on 14 July 2014. Retrieved 1 July 2014.
  3. ↑ "Archived copy". Archived from the original on 14 July 2014. Retrieved 1 July 2014.{{cite web}}: CS1 maint: archived copy as title (link)
  4. ↑ "Stocks". Archived from the original on 17 April 2010.
  5. ↑ "Stocks". Archived from the original on 6 December 2008.
  6. ↑ "Algeta - Initial Public Offering - Drugs.com MedNews". Archived from the original on 3 March 2016. Retrieved 23 January 2018.
  7. ↑ "European Medicines Agency". European Medicines Agency. Retrieved 27 May 2023.
  8. ↑ "FDA approves new drug for advanced prostate cancer". Food and Drug Administration. Archived from the original on 4 June 2013. Retrieved 16 December 2019.
  9. ↑ "Xofigo". European Medicines Agency. 17 September 2018. Retrieved 27 May 2023.
  10. ↑ "Algeta Signs $800 Million (EUR560m) Global Agreement With Bayer for Development and Commercialization... -- re> OSLO, September 3 /PRNewswire-FirstCall/ --". Archived from the original on 14 April 2013.
  11. ↑ "Bayer to Acquire Drug Maker Algeta in $2.9 Billion Deal". 19 December 2013.
  12. ↑ "BAYNEWS: Bayer completes voluntary takeover offer for Algeta". Archived from the original on 14 July 2014. Retrieved 1 July 2014.
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