Astellas Pharma, Tokyo, has upped its offer to purchase the Melville, N.Y.-based biotechnology company OSI Pharmaceuticals to $57.50 per share from $52.
Japanese company raises offer for OSI
The all-cash offer is valued at $4 billion, according to a news release. Astellas first announced its plans to buy OSI last February, but has been unable to acquire all outstanding shares of the company at the original purchase price. Astellas President and CEO Masafumi Nogimori said in a news release that the acquisition is aimed at expanding Astellas' oncology-product portfolio and drug-development pipeline.
The deal is subject to customary closing conditions.
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