German company Schwarz Pharma has conducted positive late phase tests with its drug lacosamide in the treatment of diabetic neuropathic pain.
Under the terms of the agreement, Sepracor shareholders will receive $23 in cash for each share of Sepracor they own for a total transaction value of approximately $2.6 billion.
The investigation concerns whether the merger consideration is adequate and whether the Sepracor board of directors breached their fiduciary duties to Sepracor shareholders by agreeing to a strict no-solicitation provision and a $77.4 million termination fee that will all but ensure that no superior proposal will ever be forthcoming.
Sepracor is a research-based pharmaceutical company.