Germanys Bayer is set to acquire cancer drug maker Algeta after raising its offer for the Norwegian-based company to nearly $2.9 billion. The two firms said on Thursday that drug and chemical company Bayer will make a cash offer of 362 kroner ($59.24) per Algeta share. Last month, Algeta said it had received a preliminary takeover offer of 336 kroner per share. Algeta says its directors unanimously decided to recommend that shareholders accept the revised offer. Algeta has its headquarters in Oslo and has a US subsidiary, Algeta US, based in Cambridge, Massachusetts.