TOKYO and DUBLIN, Calif., Sept. 5, 2013 (GLOBE NEWSWIRE) -- Otsuka Pharmaceutical Co., Ltd. ("Otsuka") and Astex Pharmaceuticals, Inc. (Nasdaq:ASTX) ("Astex"), announced today that their respective Boards of Directors have unanimously approved a transaction under which Otsuka will acquire all of the outstanding shares of Astex for $8.50 per share in cash representing a 48% premium to the average closing stock price for the prior 30 day period. The purchase price represents a fully diluted equity value of approximately $886 million, calculated using the treasury stock method. Otsuka intends to effect the transaction through a tender offer and expects to close the transaction early in the fourth quarter of 2013, subject to the satisfaction of customary closing conditions.
Otsuka Pharmaceutical To Acquire Astex Pharmaceuticals For $8.50 Per Share In Cash
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