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Donnerstag, 12. März 2009

Gilead to buy CV Therapeutics for $1.4 billion

Biotechnology company Gilead Sciences Inc. said Thursday it will buy CV Therapeutics for about $1.4 billion as a wave of consolidation in the drug industry continues.

Gilead, best known for its HIV drugs, said it will pay $20 per share in cash for Palo Alto, Calif.-based CV Therapeutics. Last year Astellas Pharma of Japan tried to buy CV for $1 billion, or $16 per share. CV's board has approved the sale and recommends shareholders tender their stock in support.

CV Therapeutics rejected that offer. Its shares closed at $16 Wednesday, which makes Gilead's offer a 25 percent premium.... more details here...

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