Finkelstein Thompson LLP is investigating potential claims on behalf of shareholders of Abraxis BioScience Inc
(Nasdaq:ABII) arising from the Company's announcement of its intent to be acquired by Celgene Corporation (NASDAQ:CELG). Under the terms of the agreement, Abraxis shareholders will receive $58 in cash and 0.2617 Celgene shares, resulting in total consideration of approximately $71.83 per share. The transaction has an upfront value of $2.9 billion. Abraxis shareholders will also receive one tradeable Contingent Value Right (CVR), which entitles its holder to receive payments for future regulatory milestones and commercial royalties.
The investigation is focused on the potential unfairness of the consideration to Abraxis shareholders and the process by which the Company's Board of Directors considered and approved the transaction. In particular, Abraxis earned $110.8 million in the first three months of 2010, compared to $72.6 million in the first three months of 2009. Furthermore, Abraxis’ drug, ABRAXANE
, is expected to earn $1 billion by 2015 upon its approval to treat other cancers. One analyst describes ABRAXANE
as an asset "with significant unrealized upside opportunity."
If you are interested in discussing your rights as an Abraxis shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at
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