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Astellas to Review Strategic Business Alternatives for Prosidion Subsidiary
Date:1/10/2011

TOKYO, Jan. 10, 2011 /PRNewswire/ -- Astellas Pharma Inc. (TSE: 4503) announced today that it has engaged Citigroup Global Markets Inc. to conduct, in conjunction with executive management, a review of the Company's strategic alternatives with regard to its Prosidion subsidiary. Prosidion was acquired as part of Astellas' acquisition of OSI Pharmaceuticals in June 2010.  

Prosidion's assets include two drug candidates in development for diabetes and obesity, as well as a patent estate relating to the use of dipeptidyl peptidase IV (DPP-IV) inhibitors for the treatment of type 2 diabetes.  The range of alternatives that will be assessed could include minority investment or strategic alliance, a merger or sale of some or all of Prosidion's assets.

"Following our successful acquisition of OSI Pharmaceuticals last year, we conducted a thorough evaluation of all of OSI's assets.  We recently concluded this review and believe that a strategic transaction with some or all of Prosidion's assets may provide the greatest return for Astellas' shareholders," stated Yoshihiko Hatanaka, Chief Financial Officer of Astellas.

The Company is committed to completing its review of potential alternatives as promptly as practicable. However, there can be no assurances that any particular alternative will be pursued or that any transaction will occur, or on what terms. The Company does not plan to release additional information about the status of the review of alternatives until a definitive agreement is entered into or the process is otherwise completed.

About Astellas

Astellas Pharma Inc., located in Tokyo, Japan, is a pharmaceutical company dedicated to improving the health of people around the world through the provision of innovative and reliable pharmaceuticals. Astellas has approximately 16,000 employees worldwide.  The organization is committed to becoming a gl
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SOURCE Astellas Pharma Inc.
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