Three weeks after announcing they received a revised acquisition proposal from Astellas, CV Therapeutics has rejected the $16.00 per share buyout offer.

Here’s what CEO Louis Lange had to say:

“CV Therapeutics has a strategic plan in place which we believe will enhance shareholder value. Moreover, we have always been, and remain, receptive to opportunities to further enhance shareholder value. Executing on our strategic plan enabled us to achieve outstanding results in 2008, with multiple regulatory approvals, record revenues and two exceptional strategic transactions. This strong record of product approvals, which exceeds that of many pharma companies over the last several years, has allowed the company to establish a solid cash position. The full promotional launch of the improved U.S. Ranexa labeling is just beginning, the introduction of Ranexa in Europe is imminent, and Lexiscan is showing real growth in the marketplace. Accordingly, we expect 2009 to be another outstanding year, highlighted by increasing revenues and pipeline advancement, for example with CVT-3619.”

Here’s the letter from CV to Astellas CEO Masafumi Nogimori:

Dear Mr. Nogimori:

Dr. Louis Lange Chairman and Chief Executive Officer

Playing lowball – probably worth more towards the $19 range…

Image from austincircle

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