Wolf Haldenstein Investigates Abraxis Bioscience, Inc. Proposed Acquisition
03 7월 2010 - 12:36AM
Business Wire
Attorney Advertising. The law firm of Wolf Haldenstein Adler
Freeman & Herz LLP is investigating possible breaches of
fiduciary duty and other possible violations of state law by
members of the Board of Directors of Abraxis Bioscience, Inc.
(“Abraxis” or the “Company”) [NASDAQ:ABII] arising out of the
Company’s entry into a definitive merger agreement to be acquired
by Celgene Corp. (“Celgene”).
On June 30, 2010, Abraxis announced it had executed a definitive
merger agreement with Celgene, whereby Abraxis shareholders will
receive $58.00 in cash and .2617 shares of Celgene common stock for
each share of Abraxis they hold, for an implied total consideration
of approximately $71.93 per Abraxis share. Abraxis shareholders
will also receive one tradeable Contingent Value Right (CVR) per
share, which entitles its holder to receive payments for future
regulatory milestones and commercial royalties. Should the
transaction be approved, it is expected to close in the fourth
quarter of 2010.
At issue in the investigation is whether or not the Board of
Directors of Abraxis sought to obtain the best possible
consideration for all the shareholders of Abraxis. The
investigation will in part focus on a new drug developed by
Abraxis, named ABRAXANE, which in clinical trials has shown a very
positive response rate in treating certain types of lung cancer.
ABRAXANE has already been approved by U.S. regulators for treating
metastatic breast cancer, and brought in $315 million in sales last
year. The drug is expected to earn $1 billion by 2015 upon its
approval to treat other cancers. In spite of this valuable drug,
the Company’s Board of Directors is attempting to sell Abraxis at a
premium of only 17.32%.
Wolf Haldenstein has been representing individual and
institutional investors for many years, serving as lead counsel in
numerous cases in U.S. federal and state courts. Please visit the
Wolf Haldenstein website (http://www.whafh.com) for more
information about the firm.
If you own Abraxis common stock and you wish to discuss this
matter with us, or have any questions concerning your rights and
interests with regard to this matter, please contact:
Gustavo Bruckner or Derek BehnkeWolf Haldenstein Adler
Freeman& Herz LLP270 Madison AvenueNew York, New York
10016Phone Numbers: (800) 575-0735(212) 545-4600
Email: bruckner@whafh.comClassmember@whafh.comWebsite:
http://www.whafh.comAttorney Advertising. Prior Results Do Not
Guarantee A Similar Outcome.
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