Astellas Pharma drops bid for CV Therapeutics

By Lisa Kerner

Charlotte, N.C., March 16 - Astellas Pharma Inc. said it is terminating its $16-per-share offer for CV Therapeutics, Inc.

According to Astellas, it will not propose directors for CV Therapeutics' board of directors or make any other proposals at CV Therapeutics' 2009 annual meeting.

In addition, Astellas said it will withdraw a related lawsuit in the Delaware Chancery Court against CV Therapeutics and its directors seeking injunctive relief to prevent CV Therapeutics from using its amended stockholders rights plan to prevent CV Therapeutics' stockholders from tendering their shares into Astellas' tender offer.

Astellas began a tender offer for CV Therapeutics, a Palo Alto, Calif., biopharmaceutical company, on Feb. 17. The offer was scheduled to expire on March 27.

As previously reported, CV Therapeutics rejected Astellas' offer and agreed to be acquired by Foster City, Calif.-based biopharmaceutical company Gilead Sciences, Inc. for $20 per share in cash in a transaction valued at $1.4 billion.

Astellas is a Tokyo-based pharmaceutical company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.