Pardes Biosciences, Inc.

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Ademi LLP is investigating Pardes (Nasdaq: PRDS) for possible breaches of fiduciary duty and other violations of law in its transaction with MediPacific.

In the transaction, Pardes shareholders will receive only a price per share of not less than $2.02 in cash and an additional cash amount of not more than $0.17 per share at closing plus the CVR representing the right to receive 80% of the net proceeds payable from any license or disposition of Pardes’ programs and assets effected within five years of closing. The transaction agreement unreasonably limits competing bids for Pardes by imposing a significant penalty if Pardes accepts a superior bid. Pardes insiders will receive substantial benefits as part of change of control arrangements.

We are investigating the conduct of Pardes’ board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.