SAN DIEGO and WESTLAKE VILLAGE, Calif., June 17, 2015 /PRNewswire/ -- Shareholder rights
attorneys at Robbins Arroyo LLP are investigating the proposed
acquisition of KYTHERA Biopharmaceuticals Inc. (NASDAQ: KYTH) by
Allergan plc (NYSE: AGN). On June 17,
2015, the two companies announced the signing of a
definitive merger agreement pursuant to which Allergan will acquire
KYTHERA. Under the terms of the agreement, KYTHERA
shareholders will receive 80% in cash and 20% in new Allergan
stock, at a fixed-value of $75.00 for
each share of KYTHERA common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/kythera-biopharmaceuticals-inc
Is the Proposed Acquisition Best for KYTHERA and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at KYTHERA is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $75.00
merger consideration represents a premium of only 23.5% based on
KYTHERA's closing price on June 16,
2015. This premium is significantly below the average
one-day premium of nearly 71% for comparable transactions within
the past three years. Further, the $75.00 merger consideration is below the target
price of $85.00 set by an analyst at
Cowen and Company on March 9,
2015.
In addition, KYTHERA recently reported positive news concerning
its development of KYBELLA™. On May 7,
2015, KYTHERA reported its earnings results for its first
quarter of 2015. In commenting on these results, KYTHERA
President and Chief Executive Officer Keith
Leonard remarked, "KYTHERA recently achieved our most
significant milestone to date, that of receiving FDA approval of
KYBELLA™, which is the first and only FDA approved injectable drug
that contours and improves the appearance of submental fullness.
This approval came after we received a unanimous (17-0)
recommendation for approval for KYBELLA™ from the FDA's
Dermatologic and Ophthalmic Drugs Advisory Committee. We are also
very pleased with the agreed upon labeling for KYBELLA and are now
focused on successfully introducing KYBELLA™ to physicians and
patients across the U.S. During the quarter we also made meaningful
progress toward our mission of building a leading aesthetic company
by licensing setipiprant (KYTH-105), an exciting novel compound for
the prevention of male pattern baldness."
In light of these facts, Robbins Arroyo LLP is examining
KYTHERA's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
KYTHERA shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material information.
KYTHERA shareholders interested in information about their rights
and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP