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Gilead tops Astellas offer for CV Therapeutics

March 13, 2009 1:11 am by Dean Morel

BOSTON, March 12 (Reuters) – Gilead Sciences Inc (GILD.O) said on Thursday it has agreed to acquire CV Therapeutics Inc (CVTX.O) for about $1.4 billion, topping an earlier offer from Japan’s Astellas Pharma Inc (4503.T) and sending CV’s shares up 28 percent in premarket trading.

Foster City, California-based Gilead, which makes the HIV drugs Truvada, Viread and Atriplia, said it has signed a definitive agreement to acquire CV Therapeutics — which makes the cardiovascular drug Ranexa — for $20 a share in cash.

via UPDATE 1-Gilead tops Astellas offer for CV Therapeutics | Markets | Markets News | Reuters .

$20.50 is enough for me. I sold my remaining half of CVTX today. Clearly people are speculating that Astellas will come back with a  higher bid than the $20 on offer from Gilead. If you have no better investment opportunity at the moment and with a firm offer of $20 now underpinning the share price there is little risk in holding to see if a bidding war emerges.

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