BioCentury
ARTICLE | Finance

What knight?

Wall Street guessed wrong: Astellas grabs OSI for only $4B

May 24, 2010 7:00 AM UTC

By Stacy Lawrence Senior Writer

OSI Pharmaceuticals Inc. (NASDAQ:OSIP) isn't talking about what happened during its search for buyers, but it looks like the White Knight investors hoped for never showed. Almost two months after it rejected a publicly announced hostile bid from Astellas Pharma Inc. (Tokyo:4503), OSI's board agreed last week to an acquisition at $57.50 per share, not much better than the price Astellas proposed in private more than a year ago...