Astellas Pharma Inc. (4503.TO) said Monday it will buy OSI Pharmaceuticals Inc. (OSIP) for $4 billion, bringing an initially hostile takeover attempt to an agreement by raising its original offer price by over 10%.

Japan's second largest pharmaceutical maker said in a statement OSI's board unanimously supports its takeover.

In an attempt to expand its cancer drug business, Astellas launched a tender offer for OSI in March by offering $52 a share. Under their takeover agreement, the offer price has been raised to $57.50 and the bid will be extended.

-By Kazuhiro Shimamura, Dow Jones Newswires; 813-6269-2790; kazuhiro.shimamura@dowjones.com
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