The Ademi Firm is investigating Avidity (Nasdaq: RNA) for possible breaches of fiduciary duty and other violations of law in its transaction with Novartis.
In the transaction, Avidity shareholders will receive $72.00 per share, valuing Avidity at approximately $12 billion on a fully diluted basis.
Avidity insiders will continue to receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Avidity by imposing a significant penalty if Avidity accepts a competing bid. We are investigating the conduct of the Avidity board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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