Astellas Pharma to review confidential OSI information

Astellas Pharma is to review confidential corporate information relating to OSI Pharmaceuticals as part of its bid to acquire the company.

The two firms have signed a non-disclosure agreement containing an appropriate standstill position, allowing Astellas to gain insight into and participate in OSI’s ongoing processes.

This arrangement pertains to Astellas’ offer earlier this month to purchase the firm in a deal valued at around $3.5 billion (2.3 billion pounds), having attempted to engage OSI in talks for more than a year.

OSI welcomed the new agreement, but maintained that the process does not represent an assurance that a transaction will take place.

Dr Colin Goddard, chief executive officer of OSI Pharmaceuticals, said: “We are taking this step – in order to ensure that our stockholders have the full benefit of a complete, open and fair process.”

Should the acquisition take place, Astellas hopes that it will help the company to strengthen its position in the oncology and biotechnology sectors.