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Astellas and OSI Pharma sign merger

Astellas Pharma has signed a merger agreement with US biotech company OSI Pharmaceuticals

Astellas Pharma has signed a merger agreement with OSI Pharmaceuticals, a US biotech company whose primarly focus is the development of molecular targeted therapies for oncology, diabetes and obesity.

The merger supports Astellas' aim to become a global leader in therapeutics for oncology. OSI will commercialise Tarceva (erlotinib), a leading cancer medication. OSI's total revenues for 2009 were $428m, with an operating income of $153m.

Under the terms of the agreement, Astellas will increase its offer price to $57.50 per share, which represents a premium of 55 per cent to the closing price for OSI's shares of $37.02 on February 26, the last trading day before Astellas announced its tender offer. The boards of directors of both companies have unanimously approved the transaction.

Masafumi Nogimori, president and chief executive of Astellas, said: "The merger with OSI provides Astellas with a top-tier oncology platform in the US and an expanded product portfolio and pipelines. In addition to Tarceva, we are pleased to add the firm's oncology infrastructure, discovery platform, expanded pipelines and staff to our existing businesses."

Colin Goddard, chief executive of OSI Pharmaceuticals, added: "We believe today's announcement recognises the significant value we have built for our stockholders while providing the merged companies the opportunity to forge a stronger collective path forward."


17th May 2010

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