Navigation Links
CV Therapeutics' Board of Directors Rejects Astellas' Tender Offer
Date:3/12/2009

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 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 cvtx@mackenziepartners.com.

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.


'/>"/>
SOURCE CV Therapeutics
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Vicus Therapeutics to Present at the 234th American Chemical Society National Meeting in Boston, MA
2. DJO Incorporateds Pending Merger With ReAble Therapeutics Clears U.S. Antitrust Review
3. PeriCor Therapeutics Announces Closing of Licensing Agreement for Acadesine with Schering-Plough Corporation
4. Systems Medicine (SM), a Subsidiary of Cell Therapeutics, Inc. (CTI), Announces Execution of CRADA with NCI/NIH to Develop Potential Cancer Treatments Targeting the Insulin Growth Factor (IGF) Pathway
5. Amsterdam Molecular Therapeutics to Release H1 2007 Results on August 29, 2007
6. Nektar Therapeutics Appoints Tim Harkness as Chief Financial Officer
7. ExonHit Therapeutics: Allergan and ExonHits First Collaboration Compound to Begin Human Clinical Trials
8. Cell Therapeutics, Inc. Takes Corrective Actions in Response to Nasdaq Determination
9. Amsterdam Molecular Therapeutics Reports Half Year Results 2007
10. Nektar Therapeutics Appoints Lutz Lingnau as New Board Member
11. Anesiva Grants Specific-Use License of Its Needle-Free Drug Delivery Technology to Particle Therapeutics for Diabetes Drug
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/3/2016)... 2016  Discovery Laboratories, Inc. (NASDAQ: DSCO ... KL4 surfactant therapies for respiratory diseases, today announced ... inducement award as a component of employment compensation ... President and Chief Executive Officer.  The award was ... 1, 2016 and granted as an inducement material ...
(Date:2/3/2016)... Ascendis Pharma A/S (Nasdaq: ASND ), ... TransCon technology to address significant unmet medical needs, today ... Leerink Partners Global Healthcare Conference Location: , Waldorf ... 2016 Time:  , 11:55am EST www.ascendispharma.com ... An audio webcast of this event will be posted ...
(Date:2/3/2016)... , Feb. 3, 2016 New ... more than $1 million for researchers in ... on health-related research that demonstrates exciting potential.   ... of funding for the New Jersey Health Foundation Research ... members at these educational institutions— Princeton University, Rutgers ...
(Date:2/3/2016)... ... 2016 , ... ProMIS Neurosciences is currently in the process ... propagating strains of Amyloid beta involved in Alzheimer’s disease. The Company plans to ... on from the first misfolded Amyloid beta target announced on Nov. 12, 2015, ...
Breaking Biology Technology:
(Date:1/11/2016)... CHICAGO , Jan. 11, 2016  higi, ... via nearly 10,000 retail locations, web and mobile, ... than $40 million from existing investors. ... will be devoted to further innovate higi,s health ... app and web portal – including expanding services ...
(Date:1/7/2016)... -- This BCC Research report studies the global as ... identifying newer markets and exploring the expansion of the ... Includes forecast from 2015 to 2020. Use ... the expansion of the present application market for various ... technology, determine its current market size, and estimate the ...
(Date:1/6/2016)... 2016  Varam Capital, a provider of micro-finance inclusion ... deliver advanced authentication solutions to their clients. Varam supplies ... A loan of a few thousand rupees may make ... ability to purchase livestock or equipment for a small ... for a local store. ...
Breaking Biology News(10 mins):