BALA CYNWYD, Pa., March 12, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating the legal ramifications of the proposed sale of CV Therapeutics, Inc. ("CV Therapeutics" or the "Company") (Nasdaq:CVTX) to Gilead Sciences, Inc. ("Gilead") (Nasdaq:GILD). Under the terms of the agreement, CV Therapeutics shareholders will receive $20.00 a share for each of their shares. The deal has an estimated value of $1.4 billion. Gilead's offer comes on the heels of a February 2009 unsolicited tender offer to the Company by Astellas Pharma, Inc. ("Astellas"). On February 27, 2009, the CV Therapeutics Board of Directors requested that CV Therapeutics shareholders take no action on the Astellas offer until the Company's Board issued a Schedule 14D-9 with the SEC. The Board stated that the filing would occur by March 12, 2009. Rather than file the Schedule 14D-9, the Board's approval of the sale to Gilead was announced. The sale appears to be unfair in light of the public pronouncements by the Company regarding its 2008 performance and its prospects for 2009.
If you are a CV Therapeutics shareholder and wish to discuss the legal ramifications of the proposed sale to Gilead Sciences, Inc., you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.