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Home Industry News Astellas Pharma proposes acquisition of CV Therapeutics

Astellas Pharma proposes acquisition of CV Therapeutics

28th January 2009

Astellas Pharma has announced a proposed acquisition of biopharmaceutical company CV Therapeutics for $16 dollars (11.22 pounds) per share.

Following this, an investigation by a law company on behalf of individuals invested in CV Therapeutics was begun.

The examination related to potential claims against CV Therapeutics’ board of directors for possible breaches of fiduciary duty, as well as other violations of the law.

In a statement issued today, CV Therapeutics says that, after “careful deliberation”, it has decided the proposal from Astellas is not in the best interests of the company or its shareholders.

Latham and Watkins is serving as the company’s legal counsel, while Barclays Capital is its financial advisor.

Both were spoken to prior to the company making its decision.

“The board of CV Therapeutics concluded that it was in the best interests of CV Therapeutics and its stockholders to extend the expiration date of its shareholder rights plan from February 1st 2009 to February 1st 2010,” it added.

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