Astellas Pharma Issues Statement Regarding CV Therapeutics Rejection of All-Cash Proposal
February 23 2009 - 2:00AM
Business Wire
Astellas Pharma Inc. (�Astellas�) today commented on CV
Therapeutics, Inc�s. (Nasdaq: CVTX) announcement that its Board of
Directors has rejected Astellas� proposal to acquire CV
Therapeutics for $16 per share in cash. The Astellas proposal
represents a premium of 41% to CV Therapeutics� closing price on
January 26, 2009, the last day of trading before the proposal was
made public, and a 69% premium to CV Therapeutics� 60-day average
closing price prior to the public disclosure of the offer.
�We are disappointed that CV Therapeutics� Board has rejected
our all cash proposal and did not engage us in any discussions as
part of their review of our proposal. We continue to believe that
our proposal provides CV Therapeutics� stockholders excellent
immediate value that exceeds what the company could reasonably
expect to deliver through their standalone strategy. We remain
committed to a transaction with CV Therapeutics, and while our
desire continues to be to work together to negotiate a mutually
agreeable transaction, we are considering all the options that are
available to us to move our offer forward.�
For further information regarding Astellas� offer for CV
Therapeutics, please visit: www.cvtxvalue.com.
About Astellas
Astellas Pharma Inc., with global headquarters in Tokyo and US
headquarters in Deerfield, Illinois, is a pharmaceutical company
dedicated to improving the health of people around the world
through the provision of innovative and reliable pharmaceutical
products. The organization is committed to becoming a global
pharmaceutical company by combining outstanding R&D and
marketing capabilities and continuing to grow in the world
pharmaceutical market.
Astellas was formed by the historical merger of Japan's third
and fifth largest pharmaceutical companies - Yamanouchi, founded in
1923, and Fujisawa, founded in 1894. Today, Astellas is one of the
largest pharmaceutical companies in Japan with a market
capitalization of approximately $17.7 billion as of January 26,
2009, and, for the fiscal year ended March 31, 2008, net income of
approximately $1.8 billion.
The company has approximately 14,000 employees worldwide. This
includes 7,500 in Japan, 3,300 in Europe, 2,200 in North America
and 1,000 in Asia. Some of Astellas� core products in the US are:
Lexiscan� (regadenoson) and Adenoscan� (adenosine injection),
pharmacologic stress agents indicated for radionuclide myocardial
perfusion imaging/scintigraphy (MPI/S) in patients unable to
undergo adequate exercise stress; Prograf� (tacrolimus), an
immunosuppressant indicated for the prophylaxis of organ rejection
in patients receiving organ transplants; and VESIcare� (solifenacin
succinate), indicated for the treatment of overactive bladder with
symptoms of urgency, frequency, and urge incontinence.
Astellas is publicly traded on the Tokyo Stock Exchange. For
more information about Astellas Pharma Inc., please visit
www.astellas.com. For more information about Astellas Pharma US,
Inc., please visit http://www.us.astellas.com/.
This press release is neither an offer to purchase nor a
solicitation of an offer to sell securities of CV Therapeutics.
Subject to future developments, additional documents regarding a
transaction with CV Therapeutics may be filed with the Securities
and Exchange Commission (the �Commission�) and, if and when
available, would be accessible for free at the Commission�s website
at http://www.sec.gov. Investors and security holders are urged to
read such disclosure documents, if and when they become available,
because they will contain important information.
Astellas is not currently engaged in a solicitation of proxies
or consents from the stockholders of CV Therapeutics. However, in
connection with Astellas� proposal to acquire CV Therapeutics,
certain directors and officers of Astellas may participate in
meetings or discussions with CV Therapeutics stockholders. Astellas
does not believe that any of these persons is a �participant� as
defined in Schedule 14A promulgated under the Securities Exchange
Act of 1934, as amended (the �Exchange Act�), in the solicitation
of proxies or consents, or that Schedule 14A requires the
disclosure of certain information concerning any of them. If in the
future Astellas does engage in a solicitation of proxies or
consents from the stockholders of CV Therapeutics in connection
with its proposal to acquire CV Therapeutics, Astellas will amend
the information provided above to disclose the information
concerning participants in that solicitation required by Rule
14a-12 under the Exchange Act.
No assurance can be given that the proposed transaction
described herein will be consummated by Astellas, or completed on
the terms proposed or any particular schedule, that the proposed
transaction will not incur delays in obtaining the regulatory,
board or stockholder approvals required for a transaction, or that
Astellas will realize the anticipated benefits of any proposed
transaction.
Any information regarding CV Therapeutics contained herein has
been taken from, or is based upon, publicly available information.
Although Astellas does not have any information that would indicate
that any information contained herein is inaccurate or incomplete,
Astellas does not undertake any responsibility for the accuracy or
completeness of such information.
Astellas does not undertake, and specifically disclaims, any
obligation or responsibility to update or amend any of the
information above.
CV Therapeutics (NASDAQ:CVTX)
Historical Stock Chart
From Jun 2024 to Jul 2024
CV Therapeutics (NASDAQ:CVTX)
Historical Stock Chart
From Jul 2023 to Jul 2024