Otsuka said to be buying Astex Pharma
Japanese mid-size drugmaker Otsuka (TYO: 4768) is planning to acquire USA-based Astex Pharmaceuticals (Nasdaq: ASTX) for about 90 billion yen ($912 million) to access the cancer drugs that Astex is developing, according to Japan’s Nikkei, but unconfirmed by either party.
Astex shares surged 24% to a nine-year high of $8.27 at the close of New York trading yesterday (September 4), valuing the California-based company at $785 million, noted Bloomberg.
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