Kendall Law Group, led by a former federal judge and a former U.S. Attorney, is investigating Abraxis BioScience Inc. (NASDAQ: ABII) for shareholders in connection with the proposed merger with Celgene Corporation. The firm’s investigation seeks to determine whether Abraxis and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are an Abraxis shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at email@example.com.
On June 30, 2010, the companies announced that they had entered into an agreement for Abraxis to be acquired by Celgene $2.9 billion transaction. According to the agreement, Abraxis shareholders will receive $58.00 and 0.2617 shares of Celgene for each ABII share owned, representing a 17 percent premium above Abraxis' last closing price of $61.31. Chairman and CEO Patrick Soon-Shiong and his wife Michele B. Soon-Shiong are each beneficial owners of at least 10% of Abraxis stock. Abraxis recently announced trial design information from its ongoing phase III registration trial for Abraxane in the treatment of melanoma along with favorable results from other ongoing phase II trials.
Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The national securities firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.