Astellas Changes 2 Nominees For Election To OSI Pharma Board

   DOW JONES NEWSWIRES 
 

Japanese drug maker Astellas Pharma Inc. (ALPMY, 4503.TO) changed two director nominations for election to OSI Pharmaceuticals Inc.'s (OSIP) board, a company it is targeting with a $3.5 billion hostile takeover bid.

OSI has brushed aside overtures from Astellas for more than a year, calling them too low, before Japan's second-biggest pharmaceutical company by sales made its hostile-takeover proposal earlier this month, which OSI rejected on Monday.

On Friday, Astellas said Jack D. Gilly and Margaret T. Monaco would replace Jack Kaye and Heidi L. Steiger on the slate of directors Astellas plans to nominate for election for OSI's coming shareholder meeting, which it traditionally holds in June.

Astellas said it is "committed to providing an independent voice for OSI stockholders who want its board of directors to consider" the offer.

Gilly currently serves as an associate director at a federally funded research and development center focused on oncology. He also served as a director and chief operating officer at U.K.-based Premier Research Group PLC, as well as president of that company's U.S. operations for four years. Monaco is the principal of Probus Advisors, a financial and strategic consulting firm and sits on the board and is a member of the audit committee of Barnes & Noble Inc. (BKS).

OSI's sole marketed product is Tarceva, which it sells with Swiss drug giant Roche Holding AG (RHHBY, ROG.VX). The pill, used to treat advanced forms of lung and pancreatic cancer, had worldwide sales of $1.2 billion last year.

Astellas American depositary shares were down 1.5% to $36.93 in after-hours trading, while OSI's stock fell a penny to $58.93.

-By John Kell, Dow Jones Newswires; 212-416-2480; [e-mail]