Issue Date: March 16, 2009
Gilead Steps In To Buy CV Therapeutics
Gilead Sciences has agreed to acquire CV Therapeutics for $20 per share in cash, an offer that trumps the unsolicited bid of $16 per share made late last year by Japanese drugmaker Astellas Pharma. CV's board unanimously approved the Gilead deal, which is valued at approximately $1.4 billion. CV develops small-molecule drugs for cardiovascular disease. Its approved products include Ranexa, a treatment for chronic angina. Gilead, which mostly markets HIV treatments, says CV strengthens its growing cardiovascular portfolio.
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