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NEW YORK, Jan. 10, 2020 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Dermira, Inc. ("DERM" or the "Company") (NASDAQ: DERM) in connection with the proposed acquisition of the Company by Eli Lilly and Company ("LLY") (NYSE: LLY). Under the terms of the acquisition agreement, DERM shareholders will receive $18.75 for each share they own.
If you own DERM shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
Or please contact:
Joshua Rubin, Esq.
1500 Broadway, 16th Floor
New York, NY 10036
WeissLaw is investigating whether DERM's Board acted to maximize shareholder value prior to entering into the acquisition agreement. Notably, at least one analyst set a target price of $29.00, or $10.25 above the per-share offer price.
In addition, according to the acquisition announcement, the transaction will expand LLY's immunology pipeline with the addition of lebrikizumab—DERM's investigational antibody which was granted Fast Track designation from the FDA in December and is currently being evaluated in a Phase 3 clinical development program for the treatment of moderate-to-severe atopic dermatitis in adolescents and adults. The acquisition will also expand LLY's portfolio to include the Company's QBREXZA.
Moreover, the Company recently announced positive financial results. According to its November 5, 2019 press release, "[t]he third quarter was marked by notable progress on key commercial, clinical, and regulatory initiatives." Company Chairman and CEO Tom Wiggans further projected that in 2020, DERM will have "a number of attractive investment opportunities, including two programs of significant value in QBREXZA and lebrikizumab."
Given these facts, WeissLaw is concerned whether the proposed acquisition undervalues the Company, and whether all material information related to the proposed acquisition is fully and fairly disclosed.
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 email@example.com
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SOURCE WeissLaw LLP