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Drug Names(s): CP-724714
Description: This compound is a small molecule inhibitor Her2, the same protein targeted by the antibody Herceptin. Although the track records of small molecule Her2 inhibitors are poor, Pfizer and OSI hope that this compound provides at least as much clinical utility as Herceptin.
Deal Structure: CP-724,714 was discovered as part of OSI's cancer discovery program withPfizer.
On March 1, 2010, Astellas Pharma announced they will commence a tender offer to acquire all outstanding shares of common stock of OSI Pharmaceuticals for $52.00 per share in cash, or an aggregate of approximately $3.5 billion on a fully diluted basis.
On May 16, 2010, Astellas Pharma and OSI Pharmaceuticals announced that they have entered into a definitive merger agreement under which Astellas will acquire OSI. Under the terms of the merger agreement, Astellas will increase its offer price to $57.50 per share, which represents a premium of 55% to the closing price for OSI's shares of $37.02 on February 26, 2010, the last trading day before the announcement by Astellas of its tender offer. The boards of directors of both companies have unanimously approved the combination. The all-cash transaction is valued at $4.0 billion on a fully diluted basis. The acquisition was completed on June 9, 2010.
Partners: Astellas Pharma, Inc.
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