Astellas Turns Up Heat On Bid To Acquire CV Therapeutics
This article was originally published in PharmAsia News
Following CV Therapeutics' refusal to accept its $16 per share purchase bid, Astellas is trying to turn up the pressure on CVT with a two-pronged approach involving both a tender offer for outstanding shares and a lawsuit in Delaware Chancery Court
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Less than a month after Astellas made public its bid to purchase CV Therapeutics for $16 a share for a total price of nearly $1 billion, CVT turned down the offer Feb. 20 as "significantly undervaluing" the biotech and not serving the best interests of the company or its stockholders
In a surprise move spurred by a desire to own a greater share of the promising angina drug Ranexa, Astellas announced Jan. 27 its hostile offer for partner CV Therapeutics in a cash deal worth roughly $1 billion
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