Otsuka Pharma To Acquire Astex Pharma For US$866m
Otsuka Pharma has acquired Astex Pharma via an all-cash tender offer of US$866 million.
AsianScientist (Sep. 10, 2013) - Otsuka Pharmaceutical Co., Ltd. has acquired Astex Pharmaceuticals, Inc. via an all-cash tender offer. The total purchase price of US$866 million is based on the treasury stock calculation method and a tender offer of US$8.50 per share for all outstanding common shares.
Established in 1991, Astex is a bio-venture company with a fragment-based drug discovery research center in Cambridge, England and a clinical research and development function in California.
Otsuka aims to enhance its discovery and development of drugs with novel working mechanisms by combining Astex's fragment-based drug discovery technology with Otsuka's own R&D strengths in areas such as central nervous system diseases.
The fragment-based discovery technology, named PYRAMID(TM), is a significant new drug discovery platform and holds promise to bring new therapies more quickly to awaiting patients and physicians. Otsuka will also strengthen its oncology development portfolio and inline oncology offerings.
"I hope that this acquisition of Astex will strengthen not only our cancer portfolio but also our drug discovery research in the central nervous system field, through the acquisition of Astex's fragment-based drug design technology," said Dr. Taro Iwamoto, Otsuka Pharmaceutical's President and Representative Director.
Otsuka is a wholly owned subsidiary of Otsuka Holdings Co., Ltd., the holding company for the Otsuka Group.
Source: Otsuka Pharmaceutical Co Ltd.
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