Astellas buys OSI for $4B

After months of wrangling, OSI Pharmaceuticals (NASDAQ: OSIP) has agreed to be acquired by Japan's Astellas for $57.50 per share, or $4 billion. That's a premium of 55 percent to the closing price for OSI's shares on Feb. 26, when Astellas made its original $3.5 billion, $52-per-share offer. Astellas launched a hostile takeover attempt after OSI's board rejected that bid. The successful deal is a victory for Astellas CEO Masafumi Nogimori, who last year was unable to execute...

OSI shares rise as bid deadline nears

Shares of OSI Pharmaceuticals (NASDAQ: OSIP) were up this morning as investors anticipate a sweeter offer from Astellas for the drugmaker. A source tells Reuters that bids for OSI are due later today, though it's not clear yet whether another company is ready to swoop in and snap up the drug developer, which boasts the blockbuster drug Tarceva. Astellas' current bid stands at $52 a share (about $3.5 billion), well below the $59 OSI's stock has been fetching. The two companies previously...