Reuters: Hot Stocks: Japan's Otsuka says to buy Astex Pharma for almost $900 mln

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Japan's Otsuka says to buy Astex Pharma for almost $900 mln Sep 5th 2013, 07:31 Sept 5 | Thu Sep 5, 2013 3:31am EDT Sept 5 (Reuters) - Japanese drugmaker Otsuka Holdings Co said on Thursday that it had agreed to buy Astex Pharmaceuticals Inc for close to $900 million to tap cancer drugs under development by the U.S. company. Otsuka said in a statement through the Tokyo Stock Exchange that it would launch a tender offer beginning within the next 10 days that would run for 20 days. The company has set aside $886 million to cover the purchase of Astex at $8.50 a share. Shares of Astex, which had a market capitalisation of $634.2 million as of Tuesday's close, rose as much as 41 percent to a nine-year high of $9.39 on the Nasdaq. The purchase was reported earlier by Japanese business daily the Nikkei. Astex, whose only approved drug, Dacogen, treats a blood disorder called myelodysplastic syndromes, is developing drugs to treat prostate, lung and ovarian cancer. Otsuka shares fell 1 percent in Tokyo on Thursday, compared with a flat benchmark Nikkei average. (Reporting by Tim Kelly; Editing by Chris Gallagher)

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