Astellas Pharma plans to terminate its bid of $16 a share for CV Therapeutics (CVTX).
The move by the Japanese drug maker follows news Thursday that Gilead Sciences (GILD - Get Report) reached an agreement to acquire CV Therapeutics in a $1.4 billion cash deal. The acquisition values CV Therapeutics at $20 a share.
In a statement Monday, Astellas said it also won't propose directors for the board of CV Therapeutics or make any other proposals at the company's annual meeting.
"Astellas is a disciplined acquirer and does not see value for Astellas stockholders in CV Therapeutics at the price level of the sale announced on (Thursday)," Astellas said.