TOKYO, June 9 /PRNewswire/ -- Astellas Pharma Inc. (TSE:
4503) 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.
About Astellas
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
Astellas.
SOURCE Astellas Pharma Inc.