Investor Objections Can't Halt Amgen's $1.2B Micromet Buy

By Lance Duroni (March 1, 2012, 2:44 PM EST) -- A Delaware judge refused to block Amgen Inc.'s $1.16 billion purchase of cancer drug specialist Micromet Inc. on Wednesday, rejecting claims in a class action that the offer was deceptive and shortchanged Micromet investors.

In February, several Micromet shareholders sued in Delaware Chancery Court, alleging the company's board jumped on the $11 per share deal without properly seeking a better offer and failed to disclose material aspects of the merger and potential conflicts involving Micromet's financial adviser, Goldman Sachs & Co.

In a 32-page opinion, Vice Chancellor Donald F. Parsons said the sale process was reasonable and that shareholders had received...

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