$1.8B Biotech Sale Targeted In 3 Delaware Class Suits

By Jeff Montgomery (June 14, 2021, 9:12 PM EDT) -- Attorneys for former Emisphere Technologies Inc. stockholders asked Delaware's Chancery Court to consolidate three class suits seeking damages from a $1.8 billion sale of the biotechnology company to Novo Nordisk A/S under terms claimed to have unfairly benefited the company's controlling investors.

The consolidation motion, filed as the second and third suits were unsealed Friday, would unite claims targeting MHR Fund Management LLC, its affiliates and Emisphere directors and officers allegedly beholden to MHR.

Litigation related to Emisphere's December 2020 sale kicked off almost immediately after the deal, although Bernstein Litowitz Berger & Grossmann LLP and its allies appear to have...

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