BOSTON, May 17, 2016 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Anacor Pharmaceuticals Inc. ("Anacor" or the "Company") (NASDAQ: ANAC) concerning the proposed acquisition of the Company by Pfizer Inc. ("Pfizer") in an all-cash transaction.
Under the terms of the proposed transaction, Pfizer will acquire Anacor for approximately $99.25 per share, representing a total deal value, including debt, of approximately $5.2 billion. The offer price is well below the Company's 52 week high of $156.93, and the transaction appears purposely timed to take advantage of a temporary dip in the Company's stock price. The Company traded for over $100 per share as recently as January 21, 2016. As such, it appears that the proposed offer price provides an insufficient premium to shareholders. The low price is further undermined by the blockbuster potential of Anacor's eczema treatment crisaborole, entering its final stages of FDA approval. Estimates for crisaborole's annual sales reach $2 billion annually, and in late March 2016 it was accepted by the FDA for atopic dermatitis, after previously achieving, in 2015, positive top-line results from two pivotal Phase 3 studies.
Block & Leviton's investigation seeks to determine, among other things, whether Anacor's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by Pfizer and the overall fairness of the process by which the Anacor Directors considered and approved the transaction. The firm is also exploring whether Pfizer (NYSE: PFE) aided and abetted any violations of fiduciary duties.
If you are an Anacor shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years and have recovered billions of dollars for investors. The firm's investigations have recently been featured in the New York Times and have led to dozens of class action lawsuits. This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
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SOURCE Block & Leviton LLP