OSI wants a White Knight

OSI Pharmaceuticals Inc. is hoping to use the publicity from Astellas Pharma Inc.'s March 2 hostile bid as an opportunity to convince other potential suitors of the value of what the biotech considers to be overlooked pieces of its business.

After rejecting Astellas' offer last Monday, OSI's board instructed the company's management and financial advisors to find other companies that might be willing to execute a "transaction that reflects the full intrinsic value of the Company," according to documents filed last week with the SEC...