Astellas to End Bid for CV Therapeutics

The move follows last week's announcement that CV Therapeutics agreed to be acquired by Gilead Sciences for $1.4 billion.
Author:
Publish date:

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.