Astellas Pharma: Withdrawing Offer To Buy CV Therapeutics
March 16 2009 - 2:08AM
Dow Jones News
Astellas Pharma Inc. (4503.TO) said Monday that it has decided
to withdraw its offer to buy U.S. biopharmaceutical company CV
Therapeutics Inc. (CVTX).
The development came after Gilead Sciences Inc. (GILD) last week
proposed to buy CV Therapeutics at a higher price of $20 per share,
or about $1.4 billion in cash.
Astellas has been seeking talks with CV Therapeutics on a
friendly takeover, but has been repeatedly rejected. It had offered
$16 a share in a tender offer.
-By Hiroyuki Kachi, Dow Jones Newswires, 813-5255-2929,
hiroyuki.kachi@dowjones.com