Astellas Pharma offers to acquire CV Therapeutics’ outstanding shares

TOKYO A Japanese drug maker has made an offer to acquire all outstanding common shares of a Palo Alto, Calif.-based pharmaceutical company following a failed bid in November.

Astellas Pharma announced Tuesday that it had submitted a proposal to the board of directors of CV Therapeutics to acquire CV’s shares for $16 each in cash. The proposal represents a total equity value of $1 billion on a fully diluted basis.

Astellas had previously submitted its proposal to CV on Nov. 14, but learned seven days later that CV had rejected the offer.

“We are disappointed that the CV Therapeutics board of directors has rejected outright what we believe is a very compelling all-cash proposal that would deliver stockholders significant immediate value that we believe far exceeds what CV Therapeutics can achieve as a standalone company,” Astellas president and CEO Masafumi Nogimori said in a statement.