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GENEVA. — Bayer AG, Germany’s largest drugmaker, is in “early stage” talks to acquire Norwegian partner Algeta ASA, whose prostate cancer medicine was approved for sale in the US in May, for about US$2,42 billion. Algeta received “a preliminary acquisition proposal” for 336 kroner (US$55,03) a share, the Oslo-based drugmaker said in a statement to the stock exchange today.

The offer values Algeta 27 percent higher than yesterday’s closing price of 264,6 kroner.

“There’s no guarantee Bayer’s proposal will result in a deal,” Algeta said.

Algeta shares rose as much as 30 percent.

“We do not see the potential in the company justifying such a high takeover price,” Peter Spengler, an analyst at DZ Bank AG, wrote in a note to clients.

Bayer of Leverkusen, Germany, is relying on pharmaceuticals to drive its future growth as new medicines including the blood thinner Xarelto and the eye drug Eylea have compensated for lagging earnings at its MaterialScience plastics division.

Chief executive officer Marijn Dekkers in September said Bayer was on the “right path” pursuing growth of its pharmaceutical unit through small-and mid-sized acquisitions as well as through research collaborations.

“We confirm this preliminary offer exists,” Guenter Forneck, a spokesman for Bayer, said in a telephone interview yesterday. — Bloomberg.

“We do not comment further and we do not comment on the other details given in this release.”

Algeta rose 30 percent to a record price of 345,10 kroner in the morning   in Oslo. Bayer gained 0,3 percent to 96,36 euros in Frankfurt.

The US Food and Drug Administration cleared the companies’ prostate-cancer medicine more than three months early for patients whose disease has spread to their bones. The drug, Xofigo, is designed to treat the secondary cancer that has settled in the bones. Prostate cancer is the most common cancer among men after skin cancer, according to the American Cancer Society.

Algeta signed an agreement in 2009 for Bayer to develop the treatment.

The companies co-promote the drug and split profit from sales of the medicine in the US. The Norwegian company has a US subsidiary based in Cambridge, Massachusetts. — Bloomberg.