NEW YORK, April 28, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Furiex Pharmaceuticals, Inc. (NASDAQ: FURX). Forest Laboratories, Inc. (FRX) and Furiex Pharmaceuticals, Inc. (FURX) today announced that Forest has entered into a definitive agreement to acquire Furiex for $95 per share, or approximately $1.1 billion in cash, and up to $30 per share (approximately $360 million in aggregate) in a Contingent Value Right (CVR) that may be payable based on the status of eluxadoline, Furiex's lead product, as a controlled drug following approval.
If eluxadoline receives FDA approval and is not scheduled as a controlled drug by the DEA, holders of the CVR will receive $30 per share or approximately $360 million in the aggregate. If eluxadoline is designated as a Schedule 4 or Schedule 5 controlled drug by the DEA, holders of the CVR will receive $10 per share (approximately $120 million in the aggregate) or $20 per share (approximately $240 million in the aggregate), respectively.
The investigation concerns whether the board of directors of Furiex enaged in a full and fair auction and process to insure that shareholders received the maximum value. Indeed, analysts have projected that the true going forward inherent value of the company is worth at least $140 per share. Further, the stock has recently traded as high as $121.97 per share.
If you are a shareholder of Furiex and would like additional information as to how the acquisition may affect your rights as a shareholder, please call us at no cost at:
Tripp Levy PLLC
New York, New York
Toll free: 1-877-772-3975
Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders in similar actions around the globe. Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC