Robbins Umeda LLP Announces an Investigation of the Acquisition of Abraxis BioScience Inc. by Celgene Corporation
01 7월 2010 - 9:05AM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the Board of Directors of Abraxis BioScience Inc.
("Abraxis" or the "Company") (NASDAQ:ABII) in connection with their
actions in causing Abraxis to enter into a definitive merger
agreement to be acquired by Celgene Corporation ("Celgene")
(NASDAQ:CELG). If the transaction is completed, Abraxis
shareholders will receive $58.00 in cash and 0.2617 shares of
Celgene common stock for each share of Abraxis they hold, for an
implied value of approximately $71.93 per Abraxis share. Each share
will also receive one tradeable Contingent Value Right, which
entitles its holder to receive payments for future regulatory
milestones and commercial royalties. If approved, the transaction
is expected to close in the fourth quarter of 2010.
Robbins Umeda LLP's investigation concerns whether the Board of
Directors of Abraxis undertook a fair process to obtain fair
consideration for all shareholders of Abraxis. Notably, Abraxis has
developed a drug, Abraxane, which has shown very positive response
rate data in non-small cell lung cancer. According to WedBush
Securities analyst Michael King, Jr., Abraxane should generate
nearly $400 million in revenue in 2010. This analyst also stated,
"Abraxane has also shown intriguing activity in pancreatic cancer
and melanoma, two very difficult to treat tumor types. Should these
trials read out positively, Abraxane would open up important new
markets for itself." Despite this promising drug, the Company's
fiduciaries are attempting to sell Abraxis at a premium of only
17.32%.
If you are a shareholder of Abraxis, plan to continue to hold
your shares, and would like more information about your rights as a
shareholder, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please go to http://www.robbinsumeda.com.
Advertisement
Abraxis Bioscience Inc. (MM) (NASDAQ:ABII)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Abraxis Bioscience Inc. (MM) (NASDAQ:ABII)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
Abraxis Bioscience Inc. (MM) (나스닥)의 실시간 뉴스: 최근 기사 0
More Robbins Umeda LLP News Articles