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Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Neon Therapeutics, Inc. (“Neon” or the “Company”) (NASDAQ: NTGN) to BioNTech SE (“BioNTech”) (NASDAQ: BNTX). Following consummation of the acquisition, Neon will merge with Endor Lights, Inc., a direct, wholly-owned subsidiary of BioNTech, and become a wholly-owned subsidiary of BioNTech. At closing, BioNTech will issue, and Neon shareholders will receive 0.063 American Depositary Shares (ADS) (each ADS representing one ordinary share of BioNTech) in exchange for each of their shares of Neon.
The Neon merger investigation concerns whether the Board of Neon breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether BioNTech is underpaying for Neon shares, thus unlawfully harming Neon shareholders.
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