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Biotech / Medical : CVTX - CV Therapeutics, Inc.

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From: scaram(o)uche	1/27/2009 9:10:21 AM
	of 411

Japan's Astellas bids $1 bln for CV Therapeutics Tue Jan 27, 2009 9:00am EST BOSTON, Jan 27 (Reuters) - Japanese drugmaker Astellas Pharma Inc (4503.T) said on Tuesday it has offered to acquire U.S. biotechnology company CV Therapeutics Inc (CVTX.O) for $1 billion, making public a bid it says CV Therapeutics previously rejected. Astellas said it offered to acquire all outstanding shares of CV, whose products include Ranexa for the treatment of chronic angina, for $16 each. That would represent a premium of 41 percent to CV's closing share price on Monday of $11.35. CV shares jumped to $17.00 in premarket trading, suggesting investors are betting Astellas will need to sweeten its bid. A spokesman for CV could not immediately be reached for comment. In its statement, Astellas said it submitted its bid to board in a letter dated Nov. 14, 2008. CV rejected the offer and has since declined to engage in meaningful discussions about a transaction, Astellas said. "We are disappointed that the CV Therapeutics board of directors has rejected outright what we believe is a very compelling all-cash proposal that would deliver stockholders significant immediate value that we believe far exceeds what CV Therapeutics can achieve as a stand-alone company," Masafumi Nogimori, Astellas's chief executive officer, said in a statement. Astellas said its bid is not subject to any financing conditions. (Reporting by Toni Clarke; editing by John Wallace)

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