BOSTON, Nov. 11, 2013 /PRNewswire/ -- Block &
Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, has commenced an investigation into possible breaches
of fiduciary duty by the Board of Directors of ViroPharma Inc.
("ViroPharma" or the "Company") (NASDAQ: VPHM) concerning the
proposed acquisition of the Company by U.K.-based company, Shire
PLC ("Shire"), in a transaction valued at approximately
$4.2 billion. Under the terms
of the transaction, Shire will acquire each ViroPharma share for
$50.00, representing a paltry premium
of 27% to ViroPharma's closing share price on Friday, November 8, 2013.
The transaction was announced less than two weeks after
ViroPharma announced highly positive third quarter 2013 financial
results, which management described as an "extremely strong period
of growth and positive momentum across our entire
organization." At that time, the Company also raised its
North American net sales guidance to between $395 and $405 million.
ViroPharma's share price has been spiking over the last year -
trading between $22.12 per share on
December 31, 2012 and hitting a high
of $41.14 on November 7, 2013. Indeed, in September 2013, the Company's share price rose
nearly 30%. The so-called premium appears to significantly
undervalue the Company, especially considering that several
companies, including Sanofi, were apparently interested in
ViroPharma, which makes Cinryze for the treatment of immune
disorder hereditary angioedema. Treatments for such rare
disorders can command huge prices, running into hundreds of
thousands of dollars a year per patient.
Block & Leviton's investigation seeks to determine, among
other things, whether ViroPharma's Directors breached their
fiduciary duties by failing to maximize shareholder value in the
proposed acquisition by Shire and the fairness by which the
ViroPharma's Directors considered and approved the transaction.
If you are a ViroPharma shareholder and have questions about
your legal rights, or if you have information relevant to this
investigation, please contact attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors
nationwide for violations of securities laws. The firm's
lawyers have collectively been prosecuting securities cases on
behalf of investors for over 50 years. This notice may
constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
steven@blockesq.com
(617) 398-5600
SOURCE Block & Leviton LLP