BALA CYNWYD, Pa., April 24, 2012 /PRNewswire/ -- Law office of
Brodsky & Smith, LLC announces that it is investigating
potential claims against the Board of Directors of Ardea
Biosciences, Inc. ("Ardea" or the "Company") (NASDAQ: RDEA)
relating to the proposed acquisition by AstraZeneca.
Under the terms of the transaction, Ardea shareholders would
receive only $32.00 in cash for each
share of Ardea stock they own. The investigation concerns possible
breaches of fiduciary duty and other violations of state law by the
Board of Directors of Ardea for not acting in the Company's
shareholders' best interests in connection with the sale process to
AstraZeneca. The transaction may undervalue Ardea as the Company's
key product "lesunirad" is currently in a phase III development as
a potential drug for chronic management of hyperuricaemia. In
addition, an analyst has set a price target on Ardea stock at
$40.00 per share.
If you own shares of Ardea stock and wish to discuss the legal
ramifications of the proposed transaction, or have any questions,
you may e-mail or call the law office of Brodsky & Smith, LLC
who will, without obligation or cost to you, attempt to answer your
questions. You may contact Jason L.
Brodsky, Esquire or Evan J. Smith,
Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite
602, Bala Cynwyd, PA 19004, by
e-mail at investorrelations@brodsky-smith.com, visiting
http://brodsky-smith.com/414-rdea-ardea-biosciences-inc.html, or by
calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC