Kirby McInerney LLP is investigating potential claims against the Board of Directors of Astex Pharmaceuticals, Inc. (“Astex” or the “Company”) (NASDAQ:ASTX) related to the proposed acquisition of the Company by Otsuka Pharmaceutical Co., Ltd. (“Otsuka”). Under the terms of the transaction, Astex shareholders will receive $8.50 in cash for each share of Astex owned, valuing the transaction at approximately $866 million.
The investigation concerns whether Astex’s Board of Directors violated its fiduciary duties by agreeing to this transaction and whether the proposed consideration adequately values Astex’s common shares. The mean analyst price target for Astex’s common stock is $8.75 per share, while at least one analyst has set a price target of $13.00 per share.
If you are a shareholder of Astex and wish to obtain additional information, please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, by telephone at (212) 699-1145 or (888) 529-4787, or by filling out this contact form.
Kirby McInerney LLP is a New York-based law firm concentrating in securities, shareholder, whistleblower, antitrust and consumer litigation. For additional information, please go to www.kmllp.com.