Otsuka to buy Astex in $886M deal

|About: Otsuka Holdings Co. Ltd. (OTSKF)|By:, SA News Editor

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.

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