Otsuka to buy Astex in $886M deal

As tipped Wednesday, Japanese drugmaker Otsuka Holdings (OTSKF.OB) is set to buy Astex Pharmaceuticals (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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