Navigation Links
CV Therapeutics' Board of Directors Rejects Astellas' Tender Offer

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 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.

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:
(Date:10/13/2015)... ... 2015 , ... SonaCare Medical, LLC, a pioneer in minimally ... novo clearance from the U.S. Food and Drug Administration (FDA) to market the ... is the first High Intensity Therapeutic Ultrasound (HITU) device to receive FDA regulatory ...
(Date:10/13/2015)... ... October 13, 2015 , ... The ... school age children in the areas of Science, Technology, Engineering and Mathematics. The ... national economy, and the program aims to increase the number of students who ...
(Date:10/12/2015)... BRUSSELS , Oct. 12, 2015  Amgen ... presented additional findings from an exploratory sub-study of the previously ... presented today in an oral plenary session at the American ... in Seattle . 2 ... The small exploratory sub-study data showed that, at month 12, ...
(Date:10/12/2015)... 2015  MiMedx Group, Inc. (NASDAQ: MDXG ), ... and patent-protected processes to develop and market advanced products ... Sports Medicine, Ophthalmic, and the Dental sectors of healthcare, ... filed against the Company has been dismissed by the ... and CEO, stated, "As we suspected, this case was ...
Breaking Biology Technology:
(Date:10/5/2015)... October 5, 2015 ... for NXT-ID, Inc. (NASDAQ: NXTD ), a biometric ... --> ) releases the ... NXTD ), a biometric authentication company focused on ... Technology Group ( ) releases the ...
(Date:9/30/2015)... 2015  The global glucose monitoring device and diabetes management ... a new report on the industry from Kalorama Information. Sales in ... market, followed by continuous glucose monitoring and sensor segment, according ... for these products in its latest report, The Global ... , ...
(Date:9/28/2015)... 28, 2015 The global ... USD 12.03 billion by 2020, growing at a CAGR ... as Backside Illumination (BSI) technique to improve picture quality ... period.      (Logo: , ... to reduce loss and, thus, reduce the noise interference ...
Breaking Biology News(10 mins):