As reported on BioSpace, OSI has agreed to Astellas latest increased offer for the company. Under the terms of the offer, Astellas will increase its price to $57.50 per share, or a 55% premium over OSI's $37.02 closing price on February 26, 2010, the last trading day before Astellas initial tender offer.
The boards of directors of both companies have unanimously approved the combination. The all-cash transaction is valued at $4.0 billion on a fully diluted basis.
Astellas is now another important step closer to reaching its stated goal of being a leader in oncology and through this deal picks up OSI's Tarceva (erlotinib). OSI revenues were $428 M in in 2009 with $153 M in operating profit.
Time to tango on!
Posted by Bruce Lehr May 17th 2010.
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