Astex Pharmaceuticals, Inc.NASDAQ
ASTX is defunct.
  • Oct. 8, 2013, 3:12 PM
    • Sarissa Capital formally announces its intention not to tender any of its shares for the $8.50 per share takeover offer of Astex Pharmaceuticals (ASTX -0.4%) by Otsuka Holdings (OTSKF.OB). The activist investors also urge fellow Astex shareholders not to tender their holdings for that price either.
    • Sarissa calls out Astex management for failing to respond to any of its concerns and instead trying to scare shareholders into voting for the deal by suggesting Otsuka could just up and walk away. "Given the built-in mandatory offer extensions in the Astex-Otsuka transaction agreement that we outlined in our October 2 letter, we don't believe any such 'substantial additional risk' exists. But most importantly, we do not believe that $8.50 is an adequate price."
    | Oct. 8, 2013, 3:12 PM
  • Oct. 3, 2013, 7:32 AM
    • Activist shareholder Sarissa Capital opposes Otsuka Holdings' (OTSKF.OB) $886M bid for Astex Pharmaceuticals (ASTX), saying the $8.50-a-share offer is too low, although the U.S. biotech firm disagrees.
    • Sarissa, founded by former Carl Icahn associate Alex Denner, has also raised questions about the timing of the auction for Astex. The process came ahead of the release of key data for cancer drug SGI110, which is expected in December.
    • Sarissa is contacting potential bidders that the firm believes were left out the bidding process. Astex counters that it reached out to 33 companies but only Japan-based Otsuka made a final bid.
    • Astex letter to shareholders.
    | Oct. 3, 2013, 7:32 AM
  • Sep. 5, 2013, 5:19 AM
    • 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
    | Sep. 5, 2013, 5:19 AM
  • Sep. 4, 2013, 1:48 PM
    Astex Pharmaceuticals (ASTX +30%) soars on reports that it will be acquired by Otsuka Pharma in Japan for ¥90B.
    | Sep. 4, 2013, 1:48 PM