NEW YORK, Sept. 13, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Raptor Pharmaceutical Corp. ("RPTP" or the "Company") in connection with the proposed acquisition of the Company by Horizon Pharma Plc ("Horizon"). On September 12, 2016, the Company announced that it had reached a definitive agreement for Horizon to acquire all outstanding shares of RPTP in a transaction valued at approximately $800 million. Under the terms of the agreement, the Company's shareholders will receive $9.00 in cash for each RPTP share they own.
WeissLaw is investigating whether RPTP's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $11.00 per share, or $2.00 above the offer price. Additionally, the Company announced positive financial results for the second quarter of 2016, reporting quarterly revenue increased 37.3% year-over-year to $32.0 million. The Company also raised its net revenue guidance from $115- $125 million to $125- $135 million. Finally, upon completion of the transaction, Horizon will also gain the rights to two RPTP rare-disease drugs: Procysbi, used for the treatment of a rare metabolic disorder; and Quinsar, which is administered to cystic fibrosis patients for the treatment of chronic pulmonary infections.