SAN DIEGO, Oct. 16, 2019 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of Achillion Pharmaceuticals, Inc.
(NASDAQ: ACHN) ("Achillion") breached their fiduciary duties in
connection with the proposed sale of the Company to Alexion
Pharmaceuticals, Inc. (NASDAQ: ALXN) ("Alexion").
On October 16, 2019, Achillion
announced that it had signed a definitive merger agreement with
Alexion. Under terms of the deal, Alexion will pay $6.30 for each Achillion share outstanding. The
deal also includes an additional payment for Achillion shares in
the form of contingent value rights (CVRs) to be paid if certain
clinical and regulatory milestones are achieved. The CVRs include
$1 a share for U.S. Food and Drug
Administration approval of danicopan and $1 a share for ACH-5228 phase 3 initiation.
The investigation concerns whether the Achillion board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for Achillion
shares of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
one Wall Street analyst has an $11.00
price target on the stock and the Company's strong balance sheet,
which includes over $200 million in
cash.
If you are a shareholder of Achillion and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at 619-814-4471. If
emailing, please include a phone number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a
nationally recognized shareholder rights law firm with offices in
California, New York, and Georgia. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits. For more information about the firm and its
attorneys, please visit https://www.johnsonfistel.com. Attorney
advertising. Past results do not guarantee future outcomes.
Contact:
Johnson
Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP
