NEW YORK, Jan. 18, 2017 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Ariad Pharmaceuticals, Inc. (NASDAQ: ARIA) ("ARIA" or the "Company") in connection with the proposed acquisition of the Company by Takeda Pharmaceutical Company Limited ("Takeda"). On January 9, 2017, Takeda announced a definitive agreement to acquire all outstanding shares of ARIA in a transaction valued at approximately $5.2 billion. Under the terms of the agreement, the Company's shareholders will receive $24.00 in cash for each ARIA share they own.
WeissLaw is investigating whether ARIA's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the acquisition, which has been unanimously approved by the Board of Directors of the Company, is a strategic transaction which heavily favors the interests of Takeda and its shareholders at the expense of ARIA's shareholders. According to Takeda's CEO, the transaction not only strengthens its position in hematology, it also expands Takeda's presence in the very important solid tumor and non-small cell lung cancer treatment segment which it intends on leveraging to generate future growth.