Harwood Feffer LLP, a law firm, recently announced that it will put under the radar, the Ariad Pharmaceuticals, Inc. (NASDAQ:ARIA) acquisition by Takeda. Harwood Feffer LLP said that it will investigate Ariad Board of Directors’ claims regarding the acquisition of this company. According to the law firm, the transaction has been agreed upon $5.2 billion, approximately.
The shareholders of Ariad are expected to receive $24.00 in cash per share. The law firm will look into the role of Board in fulfilling the fiduciary duties. The law firm said that it will investigate whether the company is maximizing its value and disclosing the entire cost and benefits.
The deal awaits federal nod
The New Year 2017 started off with probably one of the biggest deals of Pharma industry, Japan’s Takeda Pharmaceuticals Inc. acquiring Ariad. While the deal still requires a nod from federal regulators, the controversy has started surrounding the Ariad takeover by Takeda.
This will be another independent company lost to Takeda in Massachusetts. Earlier, the Japanese conglomerate had acquired Millennium Pharmaceuticals Inc. in 2008 in an $8.8 billion deal.
The Ariad takeover deal was announced in a recently held J.P. Morgan Healthcare Conference, and ever since then, it has remained the talk of pharmaceutical industry. Ariad would be a profitable acquisition for Takeda without a doubt, since the company with 26-years of withstanding will come with a profitable blood cancer drug on product line. Ariad also has a lung cancer treatment drug for FDA approval.
Japan, the world’s 2nd largest Pharma market
Japan is said to be the second largest market for Pharma industry. With Takeda spreading wings and taking the big U.S. independent companies under the hood, the deal will indeed go under the lens of several people. Takeda already sells six cancer drugs in the market, but it has rights for only two of these in the U.S. market. With Ariad being a part of Takeda, it would automatically lead to more of it products selling in the American market.