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Astellas Pharma, Inc.

Drug Names(s): CP-609, CP-609754, CP-609,754

Description: OSI-754 is a farnasyl transferase inhibitor. Farnesyl transferase inhibitors block the Ras signaling pathway via inhibition of the enzyme farnesyl transferase. Even when not mutated, Ras is overactive in many types of cancer, contributing to the growth and development of tumor cells. Farnesyl transferase modifies Ras so that it can become active, so inhibiting this enzyme lowers Ras activity, inhibiting tumor growth. Extensive preclinical data justify translational and clinical trial work designed to explore farnesyl transferase as a pharmacologically and clinically useful target.

Deal Structure: In November 2001, Pfizer abandoned its role in the development of OSI-754. OSI plans to develop OSI-754 on its own, paying Pfizer a royalty on sales.

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...See full deal structure in Biomedtracker

Partners: Pfizer Inc.

OSI-754 News

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