NEW YORK, June 29, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Keryx Biopharmaceuticals Inc. ("KERX" or the "Company") (NASDAQ: KERX) in connection with the proposed acquisition of the Company by Akebia Therapeutics, Inc. ("AKBA") (NASDAQ: AKBA). Under the terms of the acquisition agreement, KERX shareholders will receive 0.37433 of an AKBA share for each KERX share they own, representing consideration of $3.44 based on AKBA's June 29 trading price of $9.19.
WeissLaw is investigating whether KERX's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the per-share consideration is $1.56 less than the analyst target price of $5.00 per KERX share at the low-end, and $5.56 less than the analyst target price of $9.00 per KERX share at the high-end. Additionally, with the acquisition of KERX, AKBA gains the rights to Auryxia, the Company's FDA-approved phosphate binder used in the treatment of iron-deficient patients with chronic kidney disease. Moreover, AKBA will also get the benefit of KERX's strong salesforce, which will be especially useful if AKBA wins approval for its vadadustat drug, as KERX's ready-made team will help push the drug and its drive sales. This will in turn better position AKBA as it is set to compete with the likes of FibroGen, a company with ten times its market cap.
Given these facts, WeissLaw is investigating whether KERX's Board acted in the best interests of KERX's public shareholders to maximize shareholder value prior to entering into the agreement. If you own KERX 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@example.com.
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 firstname.lastname@example.org or fill out the form on our website, http://www.weisslawllp.com/keryx-biopharmaceuticals-inc/
SOURCE WeissLaw LLP