The law firm of Wohl & Fruchter LLP is investigating the proposed acquisition of Santarus, Inc. (Santarus) (Nasdaq: SNTS) by Salix Pharmaceuticals, Ltd (Salix).
On November 7, 2013, Salix and Santarus announced that the companies had entered into a merger agreement under which Salix will acquire all of the outstanding common stock of Santarus for $32.00 per share in cash.
Simultaneously, Santarus announced outstanding results for the third quarter of 2013. Specifically, total revenues of $98.8 million for the third quarter of 2013 were 81% higher than the $54.7 million reported for the third quarter of 2012, while net income nearly tripled to $0.38 diluted earnings per share (EPS) for the third quarter of 2013, as compared to $0.13 diluted EPS for the third quarter of 2012. Cash, cash equivalents and short-term investments were reported at $168.7 million as of September 30, 2013, an increase of approximately $74.0 million compared with $94.7 million reported at December 31, 2012.
Wohl & Fruchter’s investigation concerns the adequacy of the consideration being paid to SNTS shareholders, and whether the board of directors of Santarus breached their fiduciary duties to SNTS shareholders by failing to adequately shop the company.Persons with relevant information, and SNTS shareholders with questions about this investigation, are invited to contact our Firm by calling 866.833.6245, or contacting the attorney below. Additional information is available at http://www.wohlfruchter.com/cases/snts. About Wohl & Fruchter Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners. This release may be deemed to constitute attorney advertising.