Dear Mr. Nogimori:
The CV Therapeutics board of directors is committed to enhancing
value for our stockholders. The board, with the assistance of its
financial and legal advisors, has carefully considered your
proposal to acquire our company in the context of our strategic
plans and the best interests of our stockholders. We concluded that
your proposal significantly undervalues CV Therapeutics and its
potential growth opportunities and we decline to accept it.
CV Therapeutics has a strategic plan in place which we believe
will enhance shareholder value. Moreover, as we stated in our
press release, we have always been, and remain, receptive to
opportunities to further enhance shareholder value.
Dr. Louis Lange
Chairman and Chief Executive Officer
As previously announced, CV Therapeutics received a letter dated November 13, 2008 from Astellas setting forth an unsolicited proposal by Astellas to acquire the company at a price of $16.00 per share, subject to due diligence, Astellas board approval and other conditions. On November 21, 2008, after careful deliberation, with the assistance of its financial and legal advisors, the CV Therapeutics board of directors concluded that the Astellas proposal was not in the best interests of CV Therapeutics and its stockholders. Dr. Louis Lange, chairman and chief executive officer of CV Therapeutics, sent a letter dated November 21, 2008 to that effect to Astellas on behalf of the board of directors of CV Therapeutics.
Barclays Capital and Goldman Sachs are serving as financial advisors, and Latham & Watkins LLP is serving as legal counsel, to CV Therapeutics.
About CV Therapeutics
CV Therapeutics, Inc., headquartered in Palo Alto, California, is a biopharmaceutical companyPage: 1 2 3 4 Related biology technology :1
. CV Therapeutics Reports 2008 Fourth Quarter and Full Year Financial Results2
. Sopherion Therapeutics Secures $55 Million in Series C Funding3
. Amicus Therapeutics Announces Change to Board of Directors4
. Opsona Therapeutics Closes EUR18M Funding5
. Sirion Therapeutics Partners With Advanced Vision Research (TheraTears(R)) to Promote Products for Retinal and Meibomian Gland Health6
. First Multiple Dose Clinical Trial of TorreyPines Therapeutics Oral Compound NGX426 Demonstrates Compound Is Safe and Well-Tolerated7
. United Therapeutics to Announce 2008 Fourth Quarter and Annual Financial Results Before Market Open on Tuesday, February 17, 20098
. Northwest Biotherapeutics Secures $700,000 Equity Financing9
. iCo Therapeutics Closes $1.3 Million Private Placement10
. Cell Therapeutics, Inc. (CTI) BIO CEO Presentation to be Webcast11
. Amicus Therapeutics Announces Fourth Quarter and Full Year 2008 Financial Results