CV Therapeutics Advises Stockholders to Take No Action at This Time in Response to Astellas' Tender Offer
February 27 2009 - 3:05PM
PR Newswire (US)
PALO ALTO, Calif., Feb. 27 /PRNewswire-FirstCall/ -- CV
Therapeutics, Inc. (NASDAQ:CVTX) today advised its stockholders to
take no action at this time in response to Astellas Pharma Inc.'s
announcement that its indirect subsidiary, Sturgeon Acquisition,
Inc., has commenced an unsolicited tender offer for all outstanding
common shares of CV Therapeutics at a price of $16.00 per share in
cash. CV Therapeutics' board of directors, in consultation with its
independent financial and legal advisors, intends to advise
stockholders of its formal position regarding the offer within 10
business days by filing a solicitation/recommendation statement on
Schedule 14D-9 with the Securities and Exchange Commission and made
available to stockholders. Barclays Capital and Goldman Sachs are
serving as financial advisors, and Latham & Watkins LLP is
serving as legal counsel, to CV Therapeutics. About CV Therapeutics
CV Therapeutics, Inc., headquartered in Palo Alto, California, is a
biopharmaceutical company primarily focused on applying molecular
cardiology to the discovery, development and commercialization of
novel, small molecule drugs for the treatment of cardiovascular
diseases. CV Therapeutics Europe Ltd. is the company's European
subsidiary based in the United Kingdom. CV Therapeutics' approved
products in the United States include Ranexa(R) (ranolazine
extended-release tablets), indicated for the treatment of chronic
angina, and Lexiscan(R) (regadenoson) injection for use as a
pharmacologic stress agent in radionuclide myocardial perfusion
imaging in patients unable to undergo adequate exercise stress.
Ranexa(R) (ranolazine prolonged-release tablets) is approved for
use in the European Union as add-on therapy for the symptomatic
treatment of patients with stable angina pectoris who are
inadequately controlled or intolerant to first-line anti anginal
therapies. CV Therapeutics also has other clinical and preclinical
drug development candidates and programs. Additional Information
Stockholders of CV Therapeutics are advised to read CV
Therapeutics' Schedule 14D-9 statement, when it becomes available,
regarding the tender offer, because it will contain important
information. Stockholders may obtain a free copy of the statement
at the SEC's website at http://www.sec.gov/. Stockholders may also
obtain, without charge, a copy of the statement from MacKenzie
Partners, Inc., which is assisting the company, by calling
800-322-2885 toll free or by calling 212-929-5500 or by emailing .
Except for the historical information contained herein, the matters
set forth in this press release, including statements as to
research and development and commercialization of products, are
forward-looking statements within the meaning of the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially,
including operating losses and fluctuations in operating results;
capital requirements; regulatory review and approval of our
products; the conduct and timing of clinical trials;
commercialization of products; market acceptance of products;
product labeling; concentrated customer base; reliance on strategic
partnerships and collaborations; uncertainties in drug development;
uncertainties regarding intellectual property and other risks
detailed from time to time in CV Therapeutics' SEC reports,
including its Annual Report on Form 10-K for the year ended
December 31, 2008. CV Therapeutics disclaims any intent or
obligation to update these forward-looking statements. DATASOURCE:
CV Therapeutics, Inc. CONTACT: John Bluth, CV Therapeutics, Inc.,
Executive Director, Corporate Communications & Investor
Relations, +1-650-384-8850; Joele Frank or Jeremy Jacobs, Joele
Frank, Wilkinson Brimmer Katcher, +1-212-355-4449; or Larry
Dennedy, +1-212-929-5239, or Amy Bilbija, +1-650-798-5206, both of
MacKenzie Partners Inc. Web Site: http://www.cvt.com/
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