BOSTON, May 17, 2016 /PRNewswire/ -- Block &
Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, has commenced an investigation into possible breaches
of fiduciary duty by the Board of Directors of Anacor
Pharmaceuticals Inc. ("Anacor" or the "Company") (NASDAQ:
ANAC) concerning the proposed acquisition of the Company by Pfizer
Inc. ("Pfizer") in an all-cash transaction.
Under the terms of the proposed transaction, Pfizer will acquire
Anacor for approximately $99.25 per
share, representing a total deal value, including debt, of
approximately $5.2 billion. The
offer price is well below the Company's 52 week high of
$156.93, and the transaction appears
purposely timed to take advantage of a temporary dip in the
Company's stock price. The Company traded for over
$100 per share as recently as
January 21, 2016. As such, it
appears that the proposed offer price provides an insufficient
premium to shareholders. The low price is further undermined
by the blockbuster potential of Anacor's eczema treatment
crisaborole, entering its final stages of FDA approval.
Estimates for crisaborole's annual sales reach $2 billion annually, and in late March 2016 it was accepted by the FDA for atopic
dermatitis, after previously achieving, in 2015, positive top-line
results from two pivotal Phase 3 studies.
Block & Leviton's investigation seeks to determine, among
other things, whether Anacor's Directors breached their fiduciary
duties by failing to maximize shareholder value in the proposed
acquisition by Pfizer and the overall fairness of the process by
which the Anacor Directors considered and approved the
transaction. The firm is also exploring whether Pfizer
(NYSE: PFE) aided and abetted any violations of fiduciary
duties.
If you are an Anacor shareholder and have questions about your
legal rights, or if you have information relevant to this
investigation, please contact attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton's lawyers have collectively been prosecuting
securities cases on behalf of investors for over 70 years and have
recovered billions of dollars for investors. The firm's
investigations have recently been featured in the New York Times and have led to dozens of class
action lawsuits. This notice may constitute attorney
advertising.
Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
steven@blockesq.com
(617) 398-5600
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SOURCE Block & Leviton LLP