As widely expected, Astellas has thrown in the towel and walked away from attempts to buy CV Therapeutics, following Gilead Science’s knock-out $20 a share bid last week, a capitulation that will no doubt prompt sighs of relief from many of the Japanese company’s shareholders.

For the last few months Astellas seemed very reluctant to raise its $16 a share offer, and even tried to force the bid through by going hostile, a decidedly un-Japanese move that surprised many commentators. The group today said it saw no value for shareholders at $20 a share; a concern that some analysts covering Gilead have raised themselves. However, given Astellas’ need to invigorate both its top and bottom line, this is unlikely to be the end of its search for new products.