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Gilead steps up to buy CV Therapeutics for $20 per share
18 Mar 2009
Gilead has emerged as the white knight for CV Therapeutics, offering $20 per share (valuing the deal at about $1.28bn) for the public cardiovascular company just weeks after Astellas launched a hostile bid of $16 per share. The price per share amounts to an 87% premium based on the ten-day average of CV's shares prior to the announcement of Astellas's offer. CV's board of directors immediately and unanimously approved Gilead's offer, and recommended that shareholders do the same.
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