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Otsuka to buy Astex in $886M deal

Sep. 05, 2013 5:19 AM ETOtsuka Holdings Co., Ltd. (OTSKF) StockASTX, OTSKFBy: Colin Lokey, SA News Editor
  • As tipped Wednesday, Japanese drugmaker Otsuka Holdings (OTCPK:OTSKF) is set to buy Astex Pharmaceuticals (NASDAQ:ASTX) for around $886M in the largest deal for the Tokyo-based company since it snapped up a 49% stake in a French mineral water bottler five years ago.
  • Otsuka expects to launch a tender offer at $8.50/ share "within 10 business days."
  • The deal increases the profile of Otsuka's oncology business and strengthens its pipeline as it prepares for patent expiration on Abilify.
  • See also: ASTX reports topline results for SGI-110 in AML patients, Feuerstein skeptical

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