Seattle-based Immunex Corp., which has a plant in West Greenwich, was sued by a stockholder who says the shares are undervalued in a planned $16 billion acquisition by rival Amgen Inc.
Amgen, the world’s No. 1 biotechnology company and maker of the rheumatoid arthritis drug Enbrel, said last month it would pay 0.44 of its shares and $4.50 in cash for each Immunex share to gain Enbrel, which some analysts say could top $2 billion in sales this year.
In a state court lawsuit filed Dec. 20 in Seattle, Immunex shareholder Edwin Weiner contends that company directors favor the deal because some of them will get new jobs with Amgen.
The directors have a duty to “take all appropriate steps to effectively expose Immunex to the marketplace in an effort to create an active auction” for the company, Weiner says in the suit. He asks a judge to block the buyout and award damages and legal fees.
Bloomberg News
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