Boston, MA 10/07/2014 (wallstreetpr) – As a follow up action to the recent announcement by drug maker Durata Therapeutics Inc (NASDAQ:DRTX) that it has agreed to be bought out by drug major Actavis plc (NYSE:ACT) for sale price of $675 million, The Rosen Law Firm, P.A. announced on 6th October that it is launching investigations into the working of the board of directors of the bought out firm. The investigations would be looking into the efforts made by Durata Therapeutics Inc (NASDAQ:DRTX) office bearers to make sure that their shareholders receive maximum share value over and above the purported $23.00 in cash they would be receiving as part of the announced agreement. Shares of DRTX were up by 74.64% to close at $24.24.
Injectable drug delivery equipment maker Unilife Corporation (NASDAQ:UNIS) announced on 6th October that it has decided to sign a worldwide Master Services and Commercial Supply Agreement with France based Sanofi SA (ADR)(NYSE:SNY). The agreement bestows the U.S medical equipment maker the exclusive rights to supply “cartridge based wearable injectors” to the France based drug firm. The agreement has 15 year tenure. The agreement also allows the French firm to provide the injectors produced by Unilife Corporation (NASDAQ: UNIS) to their partner firms. Shares of UNIS jumped by 23.96% in yesterday’s trading session.
As an immediate fall out of the recent announcement by biotech firm LipoScience Inc (NASDAQ:LPDX) that it has agreed to be bought out by Laboratory Corp. of America Holdings (NYSE:LH) for $85.3 million, law firm Brodsky & Smith, LLC announced that it has initiated investigations against the Board of Directors of the smaller drug firm. The investigations are linked to any omissions and commissions on part of the directors of LipoScience Inc (NASDAQ:LPDX), in the carrying out of their fiduciary duty to safe guard share holder interest. The case being made out is that each share of the bought out firm is being valued at $5.25 where as in February of 2013, the drug makers share was trading at $11.32.