Astellas Pharma forms agreement to review certain confidential information of OSI Pharmaceuticals

OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) today announced that it had entered into an agreement with Astellas Pharma Inc., under which Astellas will be able to review certain confidential information related to OSI.

"We are pleased that Astellas has now responded to our previous offer to review non-public information and has entered into a non-disclosure agreement with us which contains an appropriate standstill provision," stated Dr. Colin Goddard, CEO of OSI Pharmaceuticals, Inc. "This agreement will allow Astellas to participate in our ongoing process and is consistent with the basic provisions we have offered other parties. We are taking this step - which reflects our board's prior commitment to explore the availability of a transaction that reflects the full intrinsic value of our company - in order to ensure that our stockholders have the full benefit of a complete, open and fair process."

No assurance can be given as to whether the process being conducted by OSI will result in any transaction.