The Ademi Firm is investigating DURECT (NYSE: DRRX) for possible breaches of fiduciary duty and other violations of law in its transaction with Bausch Health.
In the transaction, shareholders of DURECT will receive $1.75 per share in cash, representing approximately $63 million upfront with potential milestone payments of up to $350 million. The potential milestone payments are tied to net sales achievements before December 31, 2045.
DURECT insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for DURECT by imposing a significant penalty if DURECT accepts a competing bid. We are investigating the conduct of the DURECT board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
Join this Action