DEALMAKING:

Astellas Pharma's $3.5 billion hostile takeover bid for OSI Pharmaceuticals grew a little more bitter March 2, as Astellas sued OSI to keep it from using a poison pill to fend off its advances. The suit seeks an injunction against any action that would block Astellas’ tender offer for Melville, New York-based OSI's shares “in a manner inconsistent with the directors’ fiduciary duties.” The prize Astellas is after: OSI's treatment for advanced non-small cell lung cancer and advanced pancreatic cancer, Tarceva, which could be just the edge the Japanese pharma needs to compensate for Japan's increasing shift toward cheaper generics. Read More