Astellas Pharma has submitted a proposal to the board of directors of CV Therapeutics, Inc. to acquire all outstanding shares of CV Therapeutics at a total value of $1.0 billion in cash. Astellas previously made an offer in November 2008 and was rejected. CV Therapeutics has subsequently declined to engage Astellas in discussions regarding a transaction.

“We are disappointed that the CV Therapeutics board of directors has rejected outright what we believe is a very compelling all-cash proposal that would deliver stockholders significant immediate value that we believe far exceeds what CV Therapeutics can achieve as a standalone company,” said Masafumi Nogimori, president and chief executive officer of Astellas. “CV Therapeutics’ product portfolio, including its angina treatment agent Ranexa, would complement Astellas’ U.S.-based hospital and cardiology business, and our established infrastructure and proven track record in drug development and commercialization provide an ideal platform to increase the value inherent in CV Therapeutics.

“We are surprised that the CV Therapeutics board has refused to engage us in meaningful discussions about our proposal; however, we remain committed to working cooperatively with CV Therapeutics to reach a mutually agreeable transaction should the board reconsider our proposal and decide to engage us in discussions promptly," Mr. Nogimori continued.

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