OSI Pharmaceuticals, Inc. (NASDAQ:OSIP) has announced that its Board of Directors has rejected the unsolicited, conditional tender offer from Astellas US Holding, Inc. Astellas US Holding, Inc. is a wholly owned subsidiary of Astellas Pharma Inc. The tender offer was for the acquisition of all outstanding shares of OSI common stock at a price of 452 per share in cash. The OSI Board of Directors voted unanimously for the rejection of the offer. Centerview Partners LLC acted as the lead financial advisor for OSI.
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OSI Pharmaceuticals, Inc. (OSI) is a biotechnology company focused on the discovery, development and commercialization of molecular targeted therapies addressing unmet medical needs in oncology, diabetes and obesity. The Company's focus is on oncology and its flagship product is Tarceva (erlotinib), a small molecule inhibitor of the epidermal growth factor receptor (EGFR). OSI also has research and development programs in diabetes and obesity, which are conducted through Prosidion Limited, the Company's United Kingdom subsidiary. Roche Holding Ltd. and OSI announced that Tarceva (erlotinib) has been approved in Japan for the treatment of patients with nonresectable, recurrent and advanced non-small cell lung cancer (NSCLC), which is aggravated following chemotherapy.
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