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Astellas Pharma, Inc.

Drug Names(s): Liposomal Lurtotecan

Description: OSI-211 is a liposomal formulation of the topoisomerase I inhibitor lurtotecan. Encasing small molecule compounds in lipids extends their half-life in the body, producing a longer-acting formulation. OSI-211 is being investigated for its ability to replace the marketed topo I inhibitor topotecan in appropriate clinical scenarios. Topotecan is marketed by Inex and GlaxoSmithKline as Topotecan TCS and by GlaxoSmithKline as Hycamtin.

Deal Structure: OSI-211 was licensed from Glaxo Wellcome (now GlaxoSmithKline) in 1998.

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: GlaxoSmithKline plc

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