surf1944
11 years ago
1:50AM Astex Pharma responds to claims by Sarissa Capital (ASTX) 8.49 : Co issues the following statement in response to claims made by Sarissa Capital:
"We are disappointed that Sarissa Capital continues to mislead Astex stockholders with information that is incomplete, taken out of context and does not provide full and accurate information to Astex stockholders.In a last-ditch attempt to unnecessarily delay and possibly derail the premium, all-cash transaction with Otsuka, earlier today Sarissa Capital issued a press release about a collaborators' compound, LEE011, a clinical-stage, potential cancer treatment that is being developed by Novartis. Consider these facts:
The Astex Board of Directors Considered LEE011 in its Deliberations. The Astex Board carefully considered the potential benefit and risks of LEE011 as it made its determination that the premium, $8.50 per share all-cash transaction with Otsuka was in the best interests of all Astex stockholders.
Astex has Repeatedly Discussed the Progress of LEE011. Astex publicly discussed LEE011 as recently as August 1, 2013 on the Company's second quarter earnings conference call, and provided an update on LEE011 in its investor corporate presentations.
Interested Parties Had Knowledge of LEE011 During Diligence. The Otsuka transaction was the culmination of a comprehensive process to maximize value for all Astex stockholders. As part of that process, 33 pharmaceutical companies worldwide were contacted to gauge their interest in exploring a potential strategic transaction with Astex. Each of the parties who conducted diligence had access to confidential information related to the Company's pipeline, including its partnered products such as LEE011.
LEE011 is Many Years from Approval. Despite Sarissa Capital's hype, LEE011 is still in Phase I/II clinical trials and Novartis has not informed Astex of any patients treated in Phase II trials, let alone in Phase III trials. While Novartis has recently made the decision to enter Phase III clinical trials with the experimental drug,
LEE011 is still many years away from potential FDA approval and market entry. Furthermore, while Astex has confidence in LEE011, as we have referenced historically, there is high risk associated with the development of any drug, in particular one that is still only in Phase I clinical trials. Novartis' estimated completion date of this phase III trial is November of 2016.
Sarissa Overstates the Potential, Long-Range Economic Impact LEE011 Might Have Upon Astex.
LEE011 has Minimal Impact on Astex' Valuation. Novartis has the exclusive right to develop and commercialize LEE011 with Astex having no right to co-develop or co-promote. Therefore, even if the clinical trials are successful, and market approval is eventually granted, the contribution to today's valuation is minimal.
...The Astex Board of Directors unanimously recommends that our fellow stockholders tender into Otsuka's $8.50 per share cash offer, which is initially scheduled to expire October 10, 2013..."
TheFinalCD
11 years ago
Moreover, as recently as July 19, 2013, an analyst at Brean Capital, LLC set a target price of $13.00 per share, and an analyst at RBC Capital Markets set a target price of $9.00 per share on April 4, 2013. ASTX
TheFinalCD
11 years ago
geez I just left $2k on the table
ASTX Sold Processing XWA01A320130905 10000 $8.46 $84,591.52 8:25:34 AM 9/5/2013 9/10/2013
ASTX Sold Processing XMB284520130905 2700 $8.45 $22,814.60 8:23:35 AM 9/5/2013 9/10/2013
ASTX Sold Processing XMB284520130905 4500 $8.45 $38,017.33 8:23:35 AM 9/5/2013 9/10/2013
ASTX Sold Processing XMB284520130905 2000 $8.45 $16,899.70 8:23:35 AM 9/5/2013 9/10/2013
ASTX Sold Processing XMB284520130905 800 $8.45 $6,759.88 8:23:35 AM 9/5/2013 9/10/2013
faraifarai
11 years ago
Otsuka Holdings Says It Hasnβt Yet Decided to Buy Astex
By Alex Nussbaum & Marco Lui - Sep 4, 2013 7:00 PM MT
Otsuka Holdings Co. (4578), the maker of the mood-stabilizing drug Abilify, said it hasnβt yet decided to buy Astex Pharmaceuticals Inc. (ASTX), responding to a Nikkei report that it intends to pay 90 billion yen ($900 million) for the U.S. biotechnology company.
Otsuka isnβt the source of yesterdayβs newspaper report, the company said today in a statement to the Tokyo Stock Exchange. It will make an announcement once a decision is made. Astex surged 24 percent to a nine-year high of $8.27 at the close in New York yesterday, valuing the Dublin, California-based company at $785 million.
Otsuka, which also makes Pocari Sweat drinks and Soyjoy nutrition bars, wants to buy Astex to increase its stable of cancer drugs, the Nikkei report said. With one leukemia drug on the market and other treatments under development, Astex may command a higher price or attract other bidders, said Gene Mack, a Brean Capital LLC analyst based in New York.
βIf itβs for real, I think the offer is too low,β Mack said in a telephone interview. βAny oncology company would look at it as a target.β
Otsuka fell as much as 0.4 percent to 2,970 yen in Tokyo trading, and traded down 0.2 percent at 2,974 yen as of 9:56 a.m. The shares have advanced 22 percent this year, lagging behind the 35 percent increase of the benchmark Topix index.
Astexβs SGI-110, an experimental treatment for acute myeloid leukemia, had positive results in a mid-stage clinical trial, the company said in an Aug. 28 statement. It has one marketed product, Dacogen, a leukemia drug licensed for sale by Eisai Co. and a unit of Johnson & Johnson.
Timothy Enns, a spokesman for Astex, didnβt respond to an e-mail and telephone call seeking comment on the report.
Abilify is one of the worldβs best-selling schizophrenia treatments. Otsuka has been searching for new products before 2015, when its patent on Abilify expires.
ManicTrader
11 years ago
$ASTX Breaking News! Up 20.5% Pre Mrkt
Astex Pharma announces topline results of SGI-110 AML Phase 2 study; as of end of June data cutoff, 67 AML patients had a minimum follow up of 3 months (50 patients representing the complete cohort of relapsed/refractory AML (5.48 ) : Co announced topline results from the ongoing phase 2 of SGI-110 in patients with AML and MDS. The Phase 2 study is a randomized study of SGI-110 given either as 60 or 90 mg/m2 daily for 5 days in a 28-day course. As of end of June data cutoff, 67 AML patients had a minimum follow up of 3 months. The primary endpoint is overall remission rate (Complete Remission or CR; Complete Remission with Incomplete hematologic recovery or CRi/CRp). There were 8 remissions in relapsed/refractory AML and 9 remissions in treatment-naive elderly AML for an overall complete remission rate of 17/67 or 25%.
Astex Pharma announces first data showing early combination treatment of HSP90 Inhibitor AT13387 With targeted agents delays emergence of resistance in preclinical models (5.75 ) : Co announces data demonstrating for the first time that early treatment with AT13387, a second generation, fully synthetic HSP90 inhibitor, in combination with targeted therapy delays the emergence of resistance.
In a preclinical model of mutant BRAF melanoma, animals were treated with vemurafenib alone or vemurafenib in combination with AT13387. After 2 to 4 months of continued treatment, tumor-bearing mice treated with vemurafenib alone showed the emergence of resistance and tumor regrowth while animals treated with the combination of vemurafenib and AT13387 did not show such regrowth. In addition, tumors that became resistant to vemurafenib alone were still sensitive to AT13387 treatment.