Astellas Completes Acquisition of OSI Pharmaceuticals
TOKYO, June 9 /PRNewswire/ -- Astellas Pharma Inc. announced
today that the company has completed its acquisition of OSI
Pharmaceuticals, Inc. (NASDAQ:OSIP) for $4.0 billion.
Masafumi Nogimori, President and CEO of Astellas said, "We are
delighted to announce the completion of this transaction with OSI.
We are truly excited by the opportunities that the combination will
provide and we look forward to working with our new colleagues at
OSI. This compelling transaction marks an important step forward
for Astellas as the company works towards developing a world-class
oncology platform and realizing our goal of improving the health of
people around the world."
OSI is a biotechnology company primarily focused on the
discovery, development and commercialization of molecular targeted
therapies addressing medical needs in oncology, diabetes and
obesity. OSI manufactures and sells Tarceva® (erlotinib), a
leading cancer medication, and has several prospective new oncology
medications in its R&D pipeline. OSI is expected to augment
Astellas' strong existing franchises in urology and
transplantation, expanding the product portfolio and pipeline of
the combined company.
Astellas completed the acquisition of OSI through a short-form
merger without a meeting of OSI's stockholders. In the merger, each
outstanding share of OSI common stock not purchased in Astellas'
tender offer or otherwise owned by Astellas was converted into the
right to receive the same $57.50 consideration that was provided in
the tender offer, without interest, except shares for which
appraisal rights are validly asserted. OSI is now a wholly-owned
subsidiary of Astellas US Holding, Inc., a holding company owned by
Astellas Pharma Inc., and OSI's common stock has ceased to be
traded on the Nasdaq Global Select Market.
Citigroup is acting as exclusive financial advisor to Astellas
and Morrison & Foerster LLP is acting as legal counsel.
Astellas Pharma Inc., located in Tokyo, Japan, is a
pharmaceutical company dedicated to improving the health of people
around the world through the provision of innovative and reliable
pharmaceuticals. Astellas has approximately 15,000 employees
worldwide. The organization is committed to becoming a global
category leader in urology, immunology & infectious diseases,
neuroscience, DM complications & metabolic diseases and
oncology. For more information on Astellas Pharma Inc., please
visit our website at http://www.astellas.com/en.
Statement of Cautionary Factors
This document contains certain forward-looking statements. These
forward-looking statements may be identified by words such as
'believes', 'expects', 'anticipates', 'projects', 'intends',
'should', 'seeks', 'estimates', 'future' or similar expressions or
by discussion of, among other things, strategy, goals, plans or
intentions. Various factors may cause actual results to differ
materially in the future from those reflected in forward-looking
statements contained in this document, among others: (1) pricing
and product initiatives of competitors; (2) legislative and
regulatory developments and economic conditions; (3) delay or
inability in obtaining regulatory approvals or bringing products to
market; (4) fluctuations in currency exchange rates and general
financial market conditions; (5) uncertainties in the discovery,
development or marketing of new products or new uses of existing
products, including without limitation negative results of clinical
trials or research projects, unexpected side-effects of pipeline or
marketed products; (6) increased government pricing pressures; (7)
interruptions in production; (8) loss of or inability to obtain
adequate protection for intellectual property rights; (9)
litigation; (10) loss of key executives or other employees; and
(11) adverse publicity and news coverage. The statement regarding
earnings growth is not a profit forecast and should not be
interpreted to mean that Astellas' earnings or earnings per share
for any current or future period will necessarily match or exceed
the historical published earnings or earnings per share of
Source: Astellas Pharma Inc.
CONTACT: Stan Neve or Sarah Lubman, U.S., of Brunswick
+1-212-333-3810, or Dan Underwood or John Sunley, Japan, of Ashton Consulting,
+81 (03) 5425 7220, or Thomas Gardiner, Information Agent, of Georgeson Inc.,
+1-212-440-9872, all for Astellas Pharma Inc.
Web Site: http://www.astellas.com/en
Posted: June 2010