Otsuka to Buy Astex for $886 Million

Otsuka Pharmaceutical Co., Ltd. and Astex Pharmaceuticals, Inc. (NASDAQ:ASTX) announced Thursday that they have approved a transaction under which Otsuka will acquire all of the outstanding shares of Astex for $8.50 per share in cash. The deal, valued at approximately $886 million, represents a 48 percent premium to the average closing stock price from the last 30 days.

As quoted by the press release:

The acquisition of Astex adds to Otsuka’s existing discovery capabilities and pipeline of therapeutic products for neuroscience, cardiovascular, and oncology indications, and it provides Otsuka with PYRAMID(TM), the proven, world-class drug discovery platform developed by Astex. Otsuka’s approved products in the US include: ABILIFY(R) (aripiprazole), SAMSCA(R) (tolvaptan) and IV BUSULFEX(R) (bulsufan).

Read the full press release by Otsuka Pharmaceutical Co., Ltd. and Astex Pharmaceuticals, Inc. (NASDAQ:ASTX) here