SAN DIEGO, May 16, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Anacor Pharmaceuticals, Inc. (NASDAQ: ANAC) breached their fiduciary duties in connection with the proposed sale of the Company to Pfizer Inc. (NYSE: PFE).
Anacor is a biopharmaceutical company that focuses on discovering, developing and commercializing novel small-molecule therapeutics derived from its boron chemistry platform.
On May 16, 2016, Anacor announced it had signed a definitive merger agreement with Pfizer. Under the terms of the agreement, Pfizer will acquire Anacor for $99.25 per Anacor share in cash.
The investigation concerns whether the Anacor board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Anacor shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration; especially given that the average price target for four Wall Street analyst is $128.50 for the stock. Anacor's 52-week high was $156.93.
If you are a shareholder of Anacor and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP