NEW YORK, April 28, 2014 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Furiex Pharmaceuticals, Inc. ("Furiex" or the "Company") (NASDAQ: FURX) (ISIN: US36106P1012) (CUSIP: 36106P101) concerning the proposed acquisition of Furiex by Forest Laboratories, Inc. ("Forest").
Furiex shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at rswilloughby@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.
The investigation concerns whether the Furiex directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. The terms of the merger agreement provide for Forest to pay $95 per share to Furiex shareholders. In addition, Forest agreed to make additional payments to Furiex shareholders that are contingent upon achievement of certain designations following FDA review. If the optimal CVR milestone is realized, the combined cash and CVR consideration payable in the proposed transaction will be $125 per share, or approximately $1.5 billion in the aggregate. If eluxadoline receives FDA approval and is not scheduled as a controlled drug by the DEA, holders of the CVR will receive $30 per share or approximately $360 million in the aggregate. If eluxadoline is designated as a Schedule 4 or Schedule 5 controlled drug by the DEA, holders of the CVR will receive $10 per share (approximately $120 million in the aggregate) or $20 per share (approximately $240 million in the aggregate), respectively. However, at least one analyst set a target price of $140.00 per share for Furiex common stock.
Furiex shareholders seeking more information about this acquisition are advised to contact Robert Willoughby at rswilloughby@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.
Pomerantz LLP, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz LLP pioneered the field of securities class actions. Today, more than 75 years later, the Pomerantz LLP continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of defrauded investors. See www.pomerantzlaw.com.
CONTACT:
Robert Willoughby
Pomerantz LLP
212-661-1100 ext. 237
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP