NEW YORK, April 28, 2014 /PRNewswire/ -- Tripp Levy
PLLC, a leading national securities and shareholder rights law
firm, announces that it is investigating the acquisition of Furiex
Pharmaceuticals, Inc. (NASDAQ: FURX). Forest Laboratories,
Inc. (FRX) and Furiex Pharmaceuticals, Inc. (FURX) today announced
that Forest has entered into a definitive agreement to acquire
Furiex for $95 per share, or
approximately $1.1 billion in cash,
and up to $30 per share
(approximately $360 million in
aggregate) in a Contingent Value Right (CVR) that may be payable
based on the status of eluxadoline, Furiex's lead product, as a
controlled drug following approval.
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.
The investigation concerns whether the board of directors of
Furiex enaged in a full and fair auction and process to insure that
shareholders received the maximum value. Indeed, analysts
have projected that the true going forward inherent value of the
company is worth at least $140 per
share. Further, the stock has recently traded as high as
$121.97 per share.
If you are a shareholder of Furiex and would like additional
information as to how the acquisition may affect your rights as a
shareholder, please call us at no cost at:
Tripp Levy PLLC
New York, New York
Toll free: 1-877-772-3975
Email: contact@tripplevy.com
Tripp Levy PLLC represents individual and institutional
shareholders and, along with its affiliates, has recovered billions
of dollars for shareholders in similar actions around the
globe. Attorney advertising. Prior results do not
indicate a similar outcome.
SOURCE Tripp Levy PLLC