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Astex Finds A Suitable Home As Otsuka Subsidiary

 
• By Lisa LaMotta

The California/U.K.-based biotech has announced plans to be acquired by Japanese pharma Otsuka in a deal that will please shareholders and provide its suitor with a slew of revenue-generating opportunities including a mid-stage pipeline, a platform technology and royalty streams.

Just days after reporting positive data for its lead pipeline candidate, Astex Pharmaceuticals Inc. announced that it has agreed to a takeover by Japanese drug maker Otsuka Pharmaceutical Co. Ltd. in a deal that values the company at $886 million. The cash transaction is set to close in the fourth quarter, but at least one analyst has expressed disappointment in Astex management for not garnering a higher price tag.

The deal, revealed Sept. 4 by a Japanese news organization, has Otsuka paying $8.50 per share for all outstanding shares...

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