Shareholder Seeks To Halt $1.2B Clinical Data Sale

Law360, New York (March 2, 2011, 1:57 PM EST) -- A Clinical Data Corp. shareholder filed a putative class action Tuesday in Delaware against the drug company’s board of directors in an attempt to halt its $1.2 billion acquisition by Forest Laboratories Inc., saying the bid grossly undervalues the company.

The proposed acquisition would result in a sale price of $30 per share plus up to $6 per share in contingent consideration if the company’s antidepressant Viibryd, recently approved by the U.S. Food and Drug Administration, meets certain sales benchmarks, according to a complaint filed by...
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