Otsuka acquires Astex for $866m
Otsuka Pharmaceutical has agreed to acquire Astex Pharmaceuticals for approximately US $866 million in order to strengthen its cancer portfolio. Both Boards of Directors have unanimously approved a transaction under which Otsuka will acquire all of the outstanding shares of Astex for $8.50 per share in cash.
The acquisition provides the Tokyo-based pharmaceutical company with Astex's world-class drug discovery platform, Pyramid, as well as a pipeline of products for neuroscience, cardiovascular and oncology indications. Astex also has five partner-funded programs that are being developed by Novartis, AstraZeneca, Janssen and through a clinical development partnership with Cancer Research UK.
Dr. Taro Iwamoto, Otsuka Pharmaceutical's President and Representative Director.
The transaction is expected to close in the fourth quarter of 2013, subject to customary closing conditions.
Japan's Otsuka to buy cancer drug maker Astex Pharma (Reuters)
Japan's Otsuka to Buy U.S. Cancer Drug Maker Astex for $886 Million (Wall Street Journal)