Astellas agrees deal to buy OSI Pharmaceuticals

Astellas has confirmed that it has agreed a deal to purchase the oncology, diabetes and obesity specialist OSI Pharmaceuticals.

The takeover bid, which has received approval from the boards of both companies, has been launched by Astellas as part of its strategy to become a global leader in the field of oncology.

Once the takeover is complete, Astellas will gain access to OSI’s leading cancer treatment Tarceva, as well as a drugs portfolio which generated income of $428 million (296.8 million pounds) last year.

Masafumi Nogimori, president and chief executive officer of Astellas, also welcomed the addition of OSI’s development pipeline and talent base to the company.

He said: “We look forward to working together with our OSI colleagues to grow the combined business and realise our shared goal of improving the health of the people around the world every day.”

Astellas has also recently acquired a new biotech subsidiary, Agensys, in another move designed to broaden the company’s offering of oncology solutions.