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.
Given these facts, WeissLaw is investigating whether RLYP's Board acted in the best interests of RLYP's public shareholders to maximize shareholder value prior to entering into the agreement. If you own RLYP shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP