Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Abraxis BioScience, Inc. (“Abraxis” or the “Company”) (NASDAQ:ABII) related to the Company’s agreement to be acquired by Celgene Corporation (“Celgene”). The proposed cash-and-stock transaction is valued at approximately $2.9 billion.
Under the terms of the definitive merger agreement entered into by the parties, each share of Abraxis common stock will be converted into the right to receive an upfront payment of $58.00 in cash and 0.2617 shares of Celgene common stock. In addition, each Abraxis share will receive one tradeable Contingent Value Right, which entitles its holder to receive payments for future regulatory milestones and commercial royalties. The acquisition is expected to close in the fourth quarter of 2010. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by the Abraxis board of directors.
If you own shares of Abraxis, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.