Och-Ziff Reports 5.5% Stake In OSI Pharma
April 08 2010 - 5:20PM
Dow Jones News
Och-Ziff Capital Management LLC (OZM) reported a 5.5% stake in
OSI Pharmaceuticals Inc. (OSIP), which is fighting a $3.5 billion
hostile take-over attempt from Japanese drug maker Astellas Pharma
Inc. (4503.TO, ALPMY).
In a filing with the Securities and Exchange Commission, the New
York hedge fund manager said the stake wasn't acquired with the
intent of "changing or influencing control of the issuer."
Och-Ziff began acquiring shares of OSI on March 1, the same day
that Astellas announced its intention to make its take-over offer.
The fund spent $153.6 million to buy the 3.3 million-share stake,
last buying shares on April 1.
OSI shares closed Thursday at $59.82 and has been above the
Astellas offer since it was announced.
OSI's board has rejected the bid as too low, and has begun to
talk with other companies that could offer a higher price. In
response, Astellas agreed to a confidentiality agreement with OSI
in order to have access to non-public information, but has
continued to assert that its offer is fair.
OSI's sole marketed product is Tarceva, which it sells with
Swiss drug giant Roche Holding AG (RHHBY, ROG.VX). The pill, used
to treat advanced forms of lung and pancreatic cancer, had
worldwide sales of $1.2 billion last year.
-By Thomas Gryta, Dow Jones Newswires; 212-416-2169;
thomas.gryta@dowjones.com
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