Algeta has delivered on its partnering promise with what the company hopes is a “transformational” $800m deal with Bayer for their lead pipeline candidate, Alpharadin, a so-called alpha-pharmaceutical with the potential to treat bone metastases resulting from prostate and other solid tumours.The Bayer deal has so far certainly been transformational for Algeta’s shares, surging 61% to NKr65 today, a record high since the company went public over two years ago at a price of around NKr43 and a dramatic recovery since touching a low of just NKr6 during last year’s global stock market meltdown. Investors are clearly impressed by Algeta’s choice of partner and size of the deal, which is the industry’s largest in over two years for a phase III oncology product (see table below).
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