Ardea Sued Over $1.3B AstraZeneca Deal

Law360, New York (April 24, 2012, 10:39 PM EDT) -- AstraZeneca PLC and Ardea Biosciences Inc. were hit with a lawsuit Monday by a proposed class of Ardea investors claiming that the British pharmaceutical giant's $1.3 billion purchase price for California-based Ardea undervalues the company.

In a lawsuit filed in California state court, Ardea shareholder Barbara Walker claims that the purchase price, which amounts to $32 a share, is only a small premium over Ardea's 52-week high of $29.06 a share, and that the low offer price was facilitated by Ardea shareholders Baker Brothers Investments and...
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