CV Therapeutics turns down Astellas Pharma for second time

By Angela McDaniels

Tacoma, Wash., Jan. 28 - CV Therapeutics, Inc. rejected Astellas Pharma Inc.'s unsolicited proposal to acquire the company, saying the deal is not in the best interests of CV Therapeutics and its shareholders.

CV Therapeutics also extended its shareholder rights plan to Feb. 1, 2010. The plan was scheduled to expire Sunday.

As previously reported, Astellas Pharma offered on Monday to buy all the outstanding common stock of CV Therapeutics for $16 per share. The total equity value of the proposed transaction is $1 billion on a fully diluted basis.

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

"Because Astellas, by its recent announcement, has sought to revive its previously rejected proposal, the CV Therapeutics board of directors will again review developments in the context of the company's strategic plans and the long-term interests of its stockholders, to pursue the best course of action to maximize long-term value for stockholders," CV Therapeutics said in a news release.

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

Astellas Pharma is a Tokyo-based pharmaceutical company.

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