Otsuka Pharmaceutical has agreed to acquire Astex Pharmaceuticals for US$8.50 per share in cash in a deal that values the cancer specialist at approximately US$886 M. The offer price, which equates to a premium of 27% over Astex’s share price before news of the deal was reported by a Japanese newspaper, is regarded as too low by many analysts and investors, however. The deal comes a week after Astex announced positive top-line results from a Phase II trial of its drug candidate SGI-110 in patients with acute myeloid leukaemia.