Bristol-Myers, ZymoGenetics Hit With Suit Over Merger

Law360, New York (September 16, 2010, 8:00 PM EDT) -- ZymoGenetics Inc. shareholders have launched a class action alleging the drug developer and Bristol-Myers Squibb are trying to lowball stockholders as they work to complete an $885 million merger.

The suit, filed Wednesday in the U.S. District Court for the Western District of Washington, claims that Bristol-Myers plans to force investors to accept $9.75 per share for ZymoGenetics stock, an amount plaintiffs say falls far below market value.

According to a merger agreement announced Sept. 7, Bristol-Myers will offer the sum to holders of all outstanding...
To view the full article, register now.