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Astellas Pharma, Inc.
Drug Names(s): PSN357
Description: PSN357 is an oral glycogen phosphorylase inhibitor that is thought to lower blood glucose levels in vivo by preventing glycogen breakdown to glucose in the liver.
Deal Structure: PSN357 was originally developed by OSI.
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.
Pink Sheet Weekly Trademark Review Feb. 24, 2015
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