Please login to the form below

Not currently logged in
Email:
Password:

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

Share

Subscribe to our email news alerts

Featured jobs

PMHub

Add my company
The Good Ideas Group

Remarkable but responsible creative work. We're most passionate about the pursuit of original, powerful ideas that our clients can harness...

Latest intelligence

Virtual Steering Committee & Peer Influence Program
In this customer story, we describe the methodology and results of our client’s ongoing Virtual Steering Committee & Peer Influence program....
Meeting healthcare’s rising challenges
The journey to discover novel therapies through digital innovation and ensure scientific advances achieve their potential...
Report gives insights to address gaps in HCP engagement
How does Pharma-HCP engagement need to evolve in today's digital landscape?...