Otsuka To Buy Astex For $8.50 Per Share - Quick Facts

(RTTNews) - Otsuka Pharmaceutical Co., Ltd. (OTSKF.PK) and Astex Pharmaceuticals, Inc. (ASTX, SUPG) announced that Otsuka will acquire all of the outstanding shares of Astex for $8.50 per share in cash. The purchase price represents a fully diluted equity value of approximately $886 million, calculated using the treasury stock method. Otsuka intends to effect the transaction through a tender offer.

Astex Pharmaceuticals is dedicated to the discovery and development of small molecule therapeutics with a focus on oncology. The company is developing a proprietary pipeline of novel therapies and is creating de-risked products for partnership with leading pharmaceutical companies. Astex Pharmaceuticals developed DACOGEN for Injection and receives significant royalties on global sales.