Astellas Pharma Inc. (4503.TO) said Tuesday it has successfully completed its $4.0 billion tender offer for OSI Pharmaceuticals Inc. (OSIP), receiving offers for 93% of the U.S. cancer drug-developer's outstanding shares.

With over 90% of the shares offered, Astellas can complete the takeover without a meeting of OSI's shareholders, through a process known as a short-form merger.

OSI shares not tendered will be converted into rights to receive $57.50 per share, the company said. That was the price Astellas offered in its bid, which initially started as a hostile takeover attempt on March 2.

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