Gilead Sciences has struck a deal to buy CV Therapeutics for $1.4 billion, paying out $20 a share. The deal comes just weeks after Japan's Astellas revealed that it was willing to pay $16 a share for CV in a hostile takeover attempt.
"The acquisition of CV Therapeutics represents a unique opportunity to complement and strengthen our growing cardiovascular portfolio," said Gilead CEO John C. Martin, PhD. "CV Therapeutics' experienced management team has built a portfolio of marketed and investigational products that address significant unmet medical needs, and that represent a strategic fit with Gilead's capabilities and focus. We look forward to working together with the CV Therapeutics team to bring Ranexa to more patients and deliver on the potential of the company's promising pipeline programs."
CV Therapeutics' pipeline includes candidates currently being studied for the treatment of atrial fibrillation, pulmonary diseases and diabetes. And Astellas has been in hot pursuit. Just last Friday the company said that it would attempt to reshape CV's board to pave the way to a merger. CV's shares closed at $11.35 on Jan. 26, the day ahead of Astellas' announcement that it was bidding for the developer.
- check out Gilead's release