Delay of Otsuka's $886 Million Bid For Astex Could Draw More Suitors
This article was originally published in PharmAsia News
Executive Summary
Otsuka Pharmaceutical's $886 million offer to acquire Astex Pharmaceuticals is set to expire Oct. 10, an event that could trigger even bigger offers from other suitors at year's end.
Otsuka Pharmaceutical's $886 million offer to acquire Astex Pharmaceuticals is set to expire Oct. 10, an event that could trigger even bigger offers from other suitors at year's end. Sarissa Capital Management, which has a 5% stake in Astex, is attempting to block the sale on grounds the offer is too low, and a shareholder suit is pending. If the sale is delayed until after a scheduled report by the U.S.-based company at a December conference on early-phase studies of its SGI100 cancer drug and the results are positive, it would likely increase the firm's value, drawing more suitors than the lone Otsuka next time around. (Click here for more
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"Deals Of The Week: For Astex Shareholders, Will 8 1/2 Do?" - InVivo (U.S.) (10/4/2013)