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:8/15/2017)... ... August 15, 2017 , ... ... Asian exhibitions for analytical and scientific instruments. This year’s symposium, organized by the ... in Mass Spectrometry for Bioanalytical Applications.” This dynamic presentation will discuss novel ionization ...
(Date:8/15/2017)... ... August 15, 2017 , ... ... by various biotic and abiotic factors. During this educational webinar, participants will learn ... as well as gain a better understanding of how genomics is important for ...
(Date:8/14/2017)... ... 2017 , ... The Conference Forum has confirmed the one-day agenda ... September 6, 2017 at the Marriott Copley Place in Boston, MA. , Returning as ... Regulatory Strategy, Pfizer Innovative Research Lab, Pfizer, who leads 19 industry speakers in discussing ...
(Date:8/11/2017)... , ... August 11, 2017 , ... ... production, and, in particular, more natural alternatives to synthetic ingredients,” said Matt Hundt, ... Third Wave, with the established manufacturing presence and know-how of Biorigin will allow ...
Breaking Biology Technology:
(Date:6/30/2017)... ARLINGTON, Va. , June 30, 2017 /PRNewswire-USNewswire/ ... a leading developer and supplier of face and ... the ATA Featured Product provider program. ... created an innovative way to monitor a driver,s ... benefit greatly from being able to detect fatigue ...
(Date:6/14/2017)... , June 15, 2017  IBM (NYSE: IBM ) ... international tech event dedicated to developing collaboration between startups and ... on June 15-17. During the event, nine startups will showcase ... value in various industries. France ... the international market, with a 30 percent increase in the ...
(Date:5/16/2017)... 2017  Veratad Technologies, LLC ( www.veratad.com ), an ... identity verification solutions, announced today they will participate as ... 15 thru May 17, 2017, in Washington ... Center. Identity impacts the lives of ... quickly evolving digital world, defining identity is critical to ...
Breaking Biology News(10 mins):