Astellas In Hostile Bid for OSI: BioBuzz
Astellas is seeking to acquire all outstanding shares of OSI Pharma for $52 a share, representing a 40% premium over OSI Pharma's Friday closing price of $37.02, Astellas announced Monday.
The hostile tender offer for OSI Pharma comes after numerous previous entreaties by Astellas to buy the U.S. drugmaker were spurned, Astellas said in a statement.
"This offer follows our attempts over the past 13 months to engage OSI in meaningful discussions. We firmly believe in the compelling strategic rationale behind the combination and the opportunity it provides to the OSI stockholders to realize full and fair value, in cash, immediately," said Masafumi Nogimori, president and CEO of Astellas, in a statement.Sales of OSI Pharma's lung cancer drug Tarceva rose 17% to $1.2 billion in 2009. Tarceva is co-marketed by the Swiss drug giant Roche/Genentech. Last year, Astellas launched an unsuccessful and hostile tender offer for U.S. drugmaker CV Therapeutics, which was ultimately acquired by Gilead Sciences (GILD). -- Reported by Adam Feuerstein in Boston. Follow Adam Feuerstein on Twitter.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV