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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Idera Pharmaceuticals, Inc. (“Idera Pharmaceuticals” or the “Company”) (NASDAQCM: IDRA) to BioCryst Pharmaceuticals, Inc. (NASDAQGS: BCRX). Under the terms of the transaction, Idera shareholders will receive 0.20 shares of the new company’s stock per share, while BioCryst shareholders will receive 0.50 shares of the new company’s stock per share. BioCryst shareholders will own 51.6% of the stock in the post-merger entity.
The investigation concerns whether the Board of Idera breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether BioCryst is underpaying for Idera shares, thus unlawfully harming Idera shareholders. An insider owning approximately 9% of Idera outstanding shares and approximately 14% of BioCryst outstanding shares has already agreed to tender his shares.
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