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The major Japanese drugmaker launched the acquisition attempt on Feb. 27 after its proposal for a friendly takeover was rejected by CV Therapeutics' board on the grounds that the offering price was too low. The effort, which aimed at acquiring a 100 per cent stake by paying US$16 a share for CV Therapeutics, was due to end on March 26.
But CV Therapeutics announced last Thursday that it accepted a friendly takeover offer for US$20 a share from Gilead Sciences Inc., another U.S. bioventure.
Under its plan, the acquisition of CV Therapeutics would have cost Astellas US$1.1 billion, or about 108 billion yen. To top Gilead's offer , the Japanese firm would have needed to spend at least around 30 billion yen more.
"Astellas is a disciplined acquirer and does not see value for Astellas stockholders in CV Therapeutics at the price level of the sale announced on March 12," the Japanese firm said in a statement released Monday.
Astellas had earlier announced that it would submit shareholder proposals , including the removal of directors, at CV Therapeutics' next general shareholders meeting. The company has also abandoned this plan.
(Nikkei)
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