NEW YORK (AP) -- Japanese drug maker Astellas Pharma Inc. says it will pay $1 billion to acquire rival CV Therapeutics Inc. and is urging the U.S. company to consider the deal.
Astellas says it offered $16 per share in cash to buy all outstanding common stock of CV Therapeutics. The price represents a 41 percent premium over CV's closing price Monday of $11.35.
Astellas says it first made the offer to CV's board in November, but says CV has declined to discuss the deal. Astellas says it sent a letter to CV's board of directors on Tuesday urging the company to reconsider.
Shares of Palo Alto, Calif.-based CV Therapeutics are surging $5.62, or nearly 50 percent, to $16.97 in premarket trading on Tuesday.