Last November, the board at CV Therapeutics spurned Astellas' billion-dollar offer for the company. But the market has changed a lot in the past two months, and CV now says that they'll give Astellas' bid a fresh look following its decision to go public. CV also said that it is extending its shareholder rights plan by another year, to February 2010.
Citi Investment Research analyst Yaron Werber says it looks like Astellas' offer is being driven by its desire to gain the worldwide rights to Lexiscan, a drug used to perform a coronary stress test on patients who are unable to exercise. Astellas currently controls the U.S. rights to the drug.
Last fall, the FDA approved Ranexa, a new therapy for the treatment of chronic angina. CV Therapeutics' shares were trading just under Astellas' $16 offer this morning.
- read CV's release
- check out the AP report