Posted on 02/03/2010 in Pharmaceutical Company Financials Astellas has initiated a move to purchase OSI Pharmaceuticals in a bid to enhance its position in the oncology sector.
The healthcare firm is to commence a tender offer for all outstanding shares of common stock in OSI, with the aggregate payment set to come to around $3.5 billion (2.3 billion).
According to Astellas, this represents the culmination of 13 months of attempts by the company to engage OSI in discussion over a possible takeover.
It hopes that the company's expertise in the fields of biotechnology and cancer treatments such as Tarceva will allow it to expand its oncology portfolio and pipeline.
Masafumi Nogimori, president and chief executive officer of Astellas, said: "We firmly believe in the compelling strategic rationale behind the combination and the opportunity it provides to OSI stockholders to realise full and fair value, in cash, immediately."
Last month, the company agreed to enter into collaboration with Basilea on the development of isavuconazol, a new treatment for sufferers of fungal infections.Other news stories from 02/03/2010
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