Fierce Biotech reports Astellas is ready to brawl in its hostile bid to acquire OSI Pharmaceuticals at a purported price of $3.5 B. So far, OSI's board has rejected the unwanted bid and with good near term results as the stock price has soared by 52 percent!
Astellas has filed suit claiming the OSI board is not acting in its shareholders interests. Some analysts posit that Roche may enter the fray as they partner with OSI on Tarceva. However, more downplay the idea that any suitor is out there that would sweeten the Astellas offer. The current odds are though that Astellas will need to raise its offer price to conclude a deal.
Ding Ding Ding! Next round.
Posted by Bruce Lehr March 2, 2010.