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CVT Shareholders Sue To Stop $1.4B Biotech Merger

Law360 (March 24, 2009, 12:00 AM EDT) -- Shareholders of CV Therapeutics have filed a proposed class action in a California state court to stop the company from carrying out a proposed $1.4 billion merger with Gilead Sciences, which they say unjustly enriches the company's founder and directors.

In the lawsuit, filed March 19 in the Superior Court of California, County of Santa Clara, plaintiff Superior Partners alleges that the merger “protects and advances the interests of CVT’s directors at the expense of CVT’s public shareholders and other constituencies.”

The complaint, which is seeking...
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