Micromet Investor Sues To Halt $1.2B Amgen Purchase

Law360, Wilmington (January 31, 2012, 6:12 PM EST) -- A shareholder of cancer drug specialist Micromet Inc. launched a class action in Delaware state court on Monday to halt biotech giant Amgen Inc.'s $1.16 billion purchase of Micromet, saying the offer is "wholly inadequate."

The companies announced the $11-per-share deal on Thursday, with Amgen touting blinatumomab — a novel tumor treatment being developed by Rockville, Md.-based Micromet — as the deal’s linchpin.

But according to a complaint filed by shareholder Miles Bohaychuck in Delaware Chancery Court, Micromet’s board shirked its duty to shareholders by backing...
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