Astellas mulls sale of subsidiary

Astellas may offload some of the assets it acquired in its $4 billion buyout of OSI Pharmaceuticals. In a release, the company said it's mulling the strategic alternatives for subsidiary Prosidion, which it acquired in the course of its OSI deal. The company's assets include two diabetes and obesity drug candidates, as well as a patent estate relating to the use of dipeptidyl peptidase IV (DPP-IV) inhibitors for the treatment of type 2 diabetes. Astellas options include making an investment in Prosidion, up to a merger or sale of the company's assets. Astellas did not lay out a timeframe for its decision.

"Following our successful acquisition of OSI Pharmaceuticals last year, we conducted a thorough evaluation of all of OSI's assets. We recently concluded this review and believe that a strategic transaction with some or all of Prosidion's assets may provide the greatest return for Astellas' shareholders," CFO Yoshihiko Hatanaka stated in a release.

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