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Japan – Skadden Advises Otsuka Pharmaceutical On USD886m Acquisition Of Astex Pharmaceuticals.

6 September, 2013

 

Skadden is representing Otsuka Pharmaceutical Co., Ltd., which today announced along with Astex Pharmaceuticals, Inc. that their respective Boards of Directors have unanimously approved a transaction under which Otsuka will acquire all of the outstanding shares of Astex for a purchase price representing a fully diluted equity value of approximately $886 million. Otsuka intends to effect the transaction through a tender offer and expects to close the transaction early in the fourth quarter of 2013, subject to the satisfaction of customary closing conditions.

 

The Skadden team includes corporate partners Kenton King (Palo Alto) and Mitsuhiro Kamiya (Tokyo), and counsel Hiroshi Sarumida (New York); and executive compensation and benefits partner Joseph Yaffe (Palo Alto), of counsel Helena Derbyshire (London) and counsel Kristin Davis (Palo Alto).

 

Jefferies LLC is acting as exclusive financial advisor to Astex and Wilson Sonsini Goodrich & Rosati P.C. is serving as Astex’s legal counsel. 

 

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