BVF Partners Pursues Appeal Over Genetics Co. Sale

Law360, Wilmington (April 23, 2012, 5:39 PM EDT) -- Private equity firm BVF Partners LP appealed to the Delaware Supreme Court on Friday to resurrect shareholder claims in a class action over Quest Diagnostics Inc.’s $344 million buyout of Celera Corp., which BVF contends were squelched by a hasty settlement.

On March 23, Vice Chancellor J. Travis Laster of the Delaware Chancery Court approved the settlement of a suit alleging Celera’s board violated its duty to shareholders by accepting an inadequate $8-per-share offer for the genetic testing company from Madison, N.J.-based Quest.

In an 86-page...
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