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Newman Ferrara LLP Announces Investigation Of Astex Pharmaceutics, Inc.

Stocks in this article: ASTX

Newman Ferrara LLP is investigating potential claims against the board of directors of Astex Pharmaceuticals, Inc. (“Astex”) (Nasdaq: ASTX) concerning the proposed acquisition of Astex by Otsuka Pharmaceutical Co.

Astex announced that it had entered into an agreement to be acquired by Otsuka, under which Astex’s shareholders will receive $8.50 in cash per share of Astex stock owned. However, according to an analyst at Brean Capital, the $8.50 offer price is “too low for investors and does not fully reflect the current value of Dacogen royalties, the potential of SGI-110, or ASTX’s portfolio of partnered compounds. We believe ASTX should reject any offer below $13 per share.”

Newman Ferrara LLP’s investigation concerns whether Astex’s Board of Directors has breached its fiduciary duties to act in the best interests of Astex’s shareholders and to take all necessary steps to ensure that Astex’s shareholders receive the maximum value readily available for their shares of Astex common stock.

Concerned investors may contact Newman Ferrara attorney Roy Shimon at rshimon@nfllp.com or (212) 619-5400 to discuss this investigation, their rights, or potential remedies.

Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.



Copyright Business Wire 2010

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