Bayer has completed the acquisition of the Norwegian developer of cancer drugs
Bayer has completed the acquisition of Norwegian pharmaceutical company Algeta and Thomas Ramdahl, formerly Executive Vice President and Chief Operating Officer, will head the company following the departure of former CEO Andrew Kay.
Ramdahl has been with Algeta in various leadership roles since 2001, including CEO until 2009.
'We formed our first partnership with Bayer in 2009, and since then we have developed our lead product Xofigo together. It's exciting to now work as a united company, and I am really looking forward to the times ahead,' said Ramdahl.
Bayer and Algeta started selling cancer drug Xofigo in the US in 2013 following approval for the treatment of patients with castration-resistant prostate cancer, symptomatic bone metastases and no known visceral metastatic disease.
Bayer also intends to invest further in the potential of Algeta's Targeted Thorium Conjugate (TTC) research platform.
Ramdahl reports to Oliver Rittgen, CEO of Bayer Nordic and Chairman of Algeta.