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Gilead tops Astellas offer for CV Therapeutics


    BOSTON (Reuters) - Gilead Sciences Inc said on Thursday it has agreed to acquire CV Therapeutics Inc for about $1.4 billion, topping an earlier offer from Japan's Astellas Pharma Inc and sending CV's shares up 28 percent in premarket trading.

    Foster City, California-based Gilead, which makes the HIV drugs Truvada, Viread and Atriplia, said it has signed a definitive agreement to acquire CV Therapeutics -- which makes the cardiovascular drug Ranexa -- for $20 a share in cash.

    "The acquisition of CV Therapeutics represents a unique opportunity to complement and strengthen our growing cardiovascular portfolio," John Martin, Gilead's chief executive officer, said in a statement.

    The bid tops a $16 a share offer from Astellas, which turned hostile after the board of CV Therapeutics said the offer was too low.

    Representatives from Astellas were not immediately available for comment.

    CV's board has approved the Gilead transaction, which will occur through a tender offer and second-step merger, and will recommend it to shareholders. Gilead said the transaction will be dilutive to Gilead's earnings in 2009, neutral to accretive in 2010 and accretive in 2011.

    Gilead's shares fell 3.5 percent to $42.50 in premarket trading. CV's shares rose 28 percent to $20.50.

    (Reporting by Toni Clarke, editing by Maureen Bavdek)