NEW YORK (AP) – Japanese drugmaker Astellas Pharma Inc. says it will take a $3.5 billion takeover offer for OSI Pharmaceuticals directly to shareholders after being rebuffed several times by executives of the U.S. company.
Astellas says it will start on Tuesday an offer to pay $52 per share in cash for all outstanding common shares of OSI stock – a premium of more than 40 percent over Friday’s close.
Shares of OSI, based in Melville, N.Y., are soaring above the offered price in morning trading. They are up $18.84, or 50 percent, to $55.86.
Astellas says it made this offer to OSI executives on Feb. 12 but was told the proposal significantly undervalues the company.
The Japanese drugmaker says the two companies will do better developing oncology drugs as a combination rather than separately.
Date: March 1, 2010
Source: Associated Press
Filed Under: Drug Discovery
