Valuing the upside

For the last four years, Japanese pharmas have been expanding their global footprints and their pipelines by acquiring U.S. biotechs. Astellas Pharma Inc. is trying for its second such deal with an unsolicited $1 billion cash bid to acquire partner CV Therapeutics Inc. If the deal gets done, Astellas would double its late-stage pipeline and gain CVT's marketed angina drug, Ranexa ranolazine.

But if the pipeline enhancement looks good to Astellas, CVT's body language suggests the biotech has concluded such strategic value isn't reflected in the pharma's offer...