NEW YORK, July 25, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Relypsa Inc. ("RLYP" or the "Company") in connection with the proposed acquisition of the Company by Galenica Group ("Galenica"). On July 21, 2016, the Company announced that it had reached a definitive agreement for Galenica to acquire all outstanding shares of RLYP in a transaction valued at $1.53 billion. Under the terms of the agreement, RLYP shareholders will receive $32.00 in cash for each RLYP share they own.
WeissLaw is investigating whether RLYP's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $51.00 per share, or $19 above the offer price. Additionally, the Company recently reported positive financial results, announcing "total revenues for the first quarter 2016 were $12.4 million . . . compared to no revenues for the comparable period in 2015." Finally, according to Galenica's CFO, "the acquisition is about growth," acting as a springboard for Galenica's business unit Vifor Pharma, and giving it full rights to RLYP Veltassa, the first new medicine in 50 years to be approved in the U.S. for hyperkalemia.