By Stacy Lawrence Senior Writer
OSI Pharmaceuticals Inc. (NASDAQ:OSIP) isn't talking about what happened during its search for buyers, but it looks like the White Knight investors hoped for never showed. Almost two months after it rejected a publicly announced hostile bid from Astellas Pharma Inc. (Tokyo:4503), OSI's board agreed last week to an acquisition at $57.50 per share, not much better than the price Astellas proposed in private more than a year ago.
When Astellas privately approached OSI in February 2009, it proposed a takeout at $55-$57. OSI's board rejected