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OncoVista Innovative Therapies Inc.
Drug Names(s): OSI-7904L
Description: OSI-7904L is a liposomal formulation of the thymidylate synthase inhibitor GW1843. Encasing small molecule compounds in lipids extends their half-life in the body, producing a longer-acting formulation.
Thymidylate synthase inhibition (TSI) has been a common chemotherapeutic strategy in the battle against metastatic colorectal and breast cancer. The biological and pharmacokinetic profiles of the so-called “next generation TSIs” like OSI-7904L may increase the value of this drug class by extending the drug’s exposure to tumor sites.
Deal Structure: In December 2001, OSI acquired OSI-7904L and other developmental anti-cancer agents from Gilead.
In December 2007, OncoVista signed an exclusive, worldwide agreement to license OSI-7904L from OSI Pharmaceuticals. Details of the license agreement were not disclosed.
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...See full deal structure in Biomedtracker
Partners: Astellas Pharma, Inc.
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