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news.Astellas Pharma has engaged Citigroup Global Markets to review strategic alternatives with regard to its Prosidion subsidiary, which was acquired as part of Astellas' acquisition of OSI Pharmaceuticals in June 2010.
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The range of alternatives that will be assessed could include minority investment or strategic alliance, a merger or sale of some or all of Prosidion’s assets.
Oxford-based Prosidion is a biopharmaceutical company, focused on discovering, developing and commercializing innovative molecular targeted therapies addressing major unmet medical needs in type 2 diabetes and obesity.
Prosidion is currently developing two drug candidates for diabetes and obesity, as well as a patent estate relating to the use of dipeptidyl peptidase IV (DPP-IV) inhibitors for the treatment of type 2 diabetes.
Tokyo-based Astellas CEO Yoshihiko Hatanaka said a strategic transaction with some or all of Prosidion’s assets may provide the greatest return for Astellas’ shareholders.