Feb. 23--TOKYO -- Astellas Pharma Inc. suggested Monday it may launch a hostile takeover bid for CV Therapeutics Inc. to acquire the U.S. bio-venture firm as the latter rejected Astellas' buyout proposal.

In a released comment, Astellas said, "We remain committed to a transaction with CV Therapeutics, and while our desire continues to be to work together to negotiate a mutually agreeable transaction, we are considering all options that are available to us to move our offer forward." "We are disappointed that CV Therapeutics' Board has rejected our all-cash proposal and did not engage us in any discussions as part of their review of our proposal," the Japanese pharmaceutical company said.

It is not common for a Japanese company to acquire an overseas firm through a hostile takeover.

On Jan. 27, Astellas said it has proposed to acquire the Illinois-based drug firm for $1 billion or $16 per share. But CV Therapeutics announced Friday it will turn down the offer.

-----

To see more of Kyodo News International, go to http://www.kyodonews.com

Copyright (c) 2009, Kyodo News International, Tokyo

Distributed by McClatchy-Tribune Information Services.

For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

4503,

A service of YellowBrix, Inc.