Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX) Investor Lawsuit Filed Against Takeover

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Company Name(s): 
Keryx Biopharmaceuticals
Case Name: 
Keryx Biopharmaceuticals Deal Case
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition

An investor, who currently holds shares of Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX), filed a lawsuit against the takeover of Keryx Biopharmaceuticals, Inc.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: KERX stockholders by agreeing to sell Keryx Biopharmaceuticals, Inc. cheaply via an unfair process.

On Jun. 28, 2018, Akebia Therapeutics, Inc. (NASDAQ:AKBA) and Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) announced that the companies signed a merger agreement under which the companies will combine in an all-stock merger. Under the terms of the agreement, Keryx shareholders will receive 0.37433 common shares of Akebia for each share of Keryx they own, or a value of approximately $3.44 per NASDAQ: KERX shares.

However, plaintiff claims that the proposed consideration NASDAQ: KERX shareholders will receive is grossly inadequate and undervalues Keryx Biopharmaceuticals, Inc., Indeed, at least one analyst has set the high target price for NASDAQ: KERX shares at $9.00 per share.
In addition, the plaintiff alleges that the process is also unfair NASDAQ: KERX stockholders. Indeed, given that the Baupost Group, L.L.C., which owns approximately 21.4 percent of the outstanding Keryx common stock prior to any conversion of its convertible notes, has already agreed to convert its outstanding convertible notes of Keryx into shares of Keryx common stock prior to closing and has already entered into a voting agreement in support of the transaction, and that Muneer A. Satter, Chairperson of the Akebia Board of Directors and a shareholder who owns approximately 5.3 percent of outstanding Akebia common stock, has also already agreed to support the transaction by entering into a voting agreement.

Keryx Biopharmaceuticals, Inc. reported that its annual Total Revenue rose from $31.98 million in 2016 to $60.64 million in 2017

Shares of Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX) closed on October 22, 2018, at $3.11 per share.