Astellas Pharma seeks to acquire CV Therapeutics

By Lisa Kerner

Charlotte, N.C., Jan. 27 - Astellas Pharma Inc. once again proposed buying all of the outstanding shares of common stock of CV Therapeutics, Inc. for $16 per share in cash.

CV Therapeutics rejected the same offer in November and refused to enter into discussions regarding a possible transaction, Astellas said.

According to Astellas, a Tokyo-based pharmaceutical company, its offer is not subject to financing and represents a 41% premium to the closing price of CV Therapeutics on Monday.

Total equity value of the proposed transaction is $1 billion on a fully diluted basis.

Astellas president and chief executive officer Masafumi Nogimori said CV Therapeutics' product portfolio, including its angina treatment agent Ranexa, would complement Astellas' United States-based hospital and cardiology business.

CV Therapeutics is a Palo Alto, Calif., biopharmaceutical company.

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