Astellas Bid For CV Therapeutics Doomed By Improved U.S. Market
This article was originally published in PharmAsia News
Executive Summary
Astellas Pharma's pullout from the effort to acquire CV Therapeutics, a U.S. biotech, appears to have been sparked not by the appearance of U.S. challenger Gilead Sciences, but by the flux of the U.S. market itself. Astellas made its buyout bid last autumn before stock prices for U.S. drug makers fell along with the rest of commercial interests in the financial crisis, potentially benefiting Astellas. But by the time Astellas could seal the deal, the U.S. scene began to change toward the positive, enabling Gilead to make a $300 million larger, and eventually winning, offer. (Click here for more - a subscription may be required
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