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Astellas Responds to OSI Pharmaceuticals' Rejection
Date:3/15/2010

TOKYO, March 15 /PRNewswire/ -- Astellas Pharma Inc. (TSE: 4503) today released the following statement in response to OSI Pharmaceuticals' (Nasdaq: OSIP) rejection of Astellas' tender offer for $52.00 per share.

Astellas is pleased that OSI's board of directors has finally instructed its management to explore a transaction for the Company.  However, Astellas continues to firmly believe in its proposed transaction and the opportunity it provides for OSI's stockholders to realize full and fair value, in cash, immediately. Astellas' offer is not subject to any financing conditions or due diligence and only contains customary conditions to close.

Unfortunately, today's action by OSI's board continues to delay the opportunity for OSI's stockholders to consider Astellas' offer. Astellas continues to have no alternative at this time but to proceed with its offer directly to OSI's stockholders. To ensure that OSI's stockholders have a voice in the outcome, Astellas will also nominate a full slate of directors for OSI's upcoming shareholder meeting. We believe that the slate, if elected and subject to its fiduciary duties, will fully and fairly consider Astellas' offer.


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SOURCE Astellas Pharma Inc.
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