NEW YORK (AP) -- Astellas Pharma said Monday it will end its $1 billion buyout attempt for CV Therapeutics Inc. as that company is now being bought by Gilead Sciences Inc.
Foster City, Calif.-based Gilead is paying $1.4 billion, or $20 per share, for Palo Alto, Calif.-based CV Therapeutics, topping Japan-based Astellas $16 per share offer. CV Therapeutics has already recommended that its shareholders tender their stock in the Gilead offer.
Astellas also said it will end attempts to place directors on CV Therapeutics board, along with withdrawing a related lawsuit.
"Astellas is a disciplined acquirer and does not see value for Astellas stockholders in CV Therapeutics at the price level of the sale announced on March 12," Astellas said in a statement.
Shares of CV Therapeutics fell 97 cents, or 4.6 percent, to $1971 in premarket trading, while Gilead shares rose 32 cents to $45.75.