BALA CYNWYD, Pa., April 24, 2012 /PRNewswire/ -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Ardea Biosciences, Inc. ("Ardea" or the "Company") (NASDAQ: RDEA) relating to the proposed acquisition by AstraZeneca.
Under the terms of the transaction, Ardea shareholders would receive only $32.00 in cash for each share of Ardea stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Ardea for not acting in the Company's shareholders' best interests in connection with the sale process to AstraZeneca. The transaction may undervalue Ardea as the Company's key product "lesunirad" is currently in a phase III development as a potential drug for chronic management of hyperuricaemia. In addition, an analyst has set a price target on Ardea stock at $40.00 per share.
If you own shares of Ardea stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [email protected], visiting http://brodsky-smith.com/414-rdea-ardea-biosciences-inc.html, or by calling toll free 877-LEGAL-90.
SOURCE Brodsky & Smith, LLC