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news.Astellas Pharma has reported that it will terminate its $16 per share offer for CV Therapeutics, a biopharmaceutical company, and will not propose directors for the CV Therapeutics board of directors or make any other proposals at CV Therapeutics's 2009 annual meeting.
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Astellas also intends to withdraw a related lawsuit in the Delaware Chancery Court against CV Therapeutics and its directors.
Astellas said that it does not see value for its stockholders in CV Therapeutics at the price level of the sale announced on March 12, 2009.