CV Therapeutics' Board of Directors Rejects Astellas' Tender Offer
12 Marzo 2009 - 12:15PM
PR Newswire (US)
PALO ALTO, Calif., March 12 /PRNewswire-FirstCall/ -- The Board of
Directors of CV Therapeutics, Inc. (NASDAQ:CVTX) announced today
that after careful consideration of Astellas Pharma Inc.'s $16.00
per share cash offer with its independent financial and legal
advisors, it has determined that Astellas' offer undervalues the
Company and is not in the best interests of its stockholders.
Accordingly, the Board of Directors recommends that stockholders
not tender any of their shares into the Astellas tender offer. The
Company is filing with the Securities and Exchange Commission a
Solicitation/Recommendation Statement on Schedule 14D-9. About CV
Therapeutics CV Therapeutics, Inc., headquartered in Palo Alto,
California, is a biopharmaceutical company primarily focused on
applying molecular cardiology to the discovery, development and
commercialization of novel, small molecule drugs for the treatment
of cardiovascular diseases. CV Therapeutics Europe Ltd. is the
company's European subsidiary based in the United Kingdom. CV
Therapeutics' approved products in the United States include
Ranexa(R) (ranolazine extended-release tablets), indicated for the
treatment of chronic angina, and Lexiscan(R) (regadenoson)
injection for use as a pharmacologic stress agent in radionuclide
myocardial perfusion imaging in patients unable to undergo adequate
exercise stress. Ranexa(R) (ranolazine prolonged-release tablets)
is approved for use in the European Union as add-on therapy for the
symptomatic treatment of patients with stable angina pectoris who
are inadequately controlled or intolerant to first-line anti
anginal therapies. CV Therapeutics also has other clinical and
preclinical drug development candidates and programs. Additional
Information In connection with the tender offer commenced by
Sturgeon Acquisition, Inc., Astellas US Holding, Inc. and Astellas
Pharma Inc., the Company is filing with the Securities and Exchange
Commission a Solicitation/Recommendation Statement on Schedule
14D-9. Stockholders of CV Therapeutics are advised to read CV
Therapeutics' Schedule 14D-9 statement regarding the Astellas
tender offer, because it contains important information.
Stockholders may obtain a free copy of the statement at the SEC's
website at http://www.sec.gov/. Stockholders may also obtain,
without charge, a copy of the statement from MacKenzie Partners,
Inc., which is assisting CV Therapeutics, by calling 800-322-2885
toll free or by calling 212-929-5500 or by emailing . This press
release contains forward looking statements regarding the future
financial and operating results of CV Therapeutics and other
statements regarding its intentions, beliefs, expectations, plans,
prospects or predictions for the future. These forward-looking
statements are subject to risks and uncertainties that may cause
actual results to differ materially, including: operating losses
and fluctuations in operating results; capital requirements;
regulatory review and approval of our products; the conduct and
timing of clinical trials; commercialization of products; market
acceptance of products; product labeling; concentrated customer
base; reliance on strategic partnerships and collaborations;
uncertainties in drug development; uncertainties regarding
intellectual property and other risks detailed from time to time in
CV Therapeutics' SEC reports, including its Annual Report on Form
10-K for the year ended December 31, 2008. CV Therapeutics
disclaims any intent or obligation to update these forward-looking
statements. DATASOURCE: CV Therapeutics CONTACT: John Bluth, CV
Therapeutics, Inc., +1-650-384-8850; or Joele Frank or Jeremy
Jacobs, both of Joele Frank, Wilkinson Brimmer Katcher,
+1-212-355-4449; or Larry Dennedy, +1-212-929-5239, or Amy Bilbija,
+1-650-798-5206, both of MacKenzie Partners, Inc. Web Site:
http://www.cvt.com/
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