NEW YORK, June 29, 2018 /PRNewswire/ -- WeissLaw LLP
is investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Keryx
Biopharmaceuticals Inc. ("KERX" or the "Company") (NASDAQ: KERX) in
connection with the proposed acquisition of the Company by Akebia
Therapeutics, Inc. ("AKBA") (NASDAQ: AKBA). Under the terms
of the acquisition agreement, KERX shareholders will receive
0.37433 of an AKBA share for each KERX share they own, representing
consideration of $3.44 based on
AKBA's June 29 trading price of
$9.19.
WeissLaw is investigating whether KERX's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the per-share consideration is $1.56 less than the analyst target price of
$5.00 per KERX share at the low-end,
and $5.56 less than the analyst
target price of $9.00 per KERX share
at the high-end. Additionally, with the acquisition of KERX,
AKBA gains the rights to Auryxia, the Company's FDA-approved
phosphate binder used in the treatment of iron-deficient patients
with chronic kidney disease. Moreover, AKBA will also get the
benefit of KERX's strong salesforce, which will be especially
useful if AKBA wins approval for its vadadustat drug, as KERX's
ready-made team will help push the drug and its drive sales.
This will in turn better position AKBA as it is set to compete with
the likes of FibroGen, a company with ten times its market cap.
Given these facts, WeissLaw is investigating whether KERX's
Board acted in the best interests of KERX's public shareholders to
maximize shareholder value prior to entering into the
agreement. If you own KERX shares and would like more
information about your rights or our investigation, or if you have
information to share with us, please contact Joshua Rubin by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/keryx-biopharmaceuticals-inc/
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SOURCE WeissLaw LLP