According to a law firm's press release, the Complaint alleges that Relypsa’s Board of Directors (the “Board”) forced through a sale of the Company in order to reap personal benefits they negotiated with Galenica AG, and Vifor Pharma USA Inc. (collectively, the “Buyer”) to the detriment of Relypsa’s public stockholders. According to the Complaint, the Board pushed through a merger pursuant to which the Buyer plans to acquire 100% of the outstanding shares of Relypsa common stock through an all-cash tender offer (the “Tender Offer”) followed by a second-step merger (the “Proposed Transaction”). Further, the Buyer has offered Relypsa investors $32.00 per share in cash, or a total of approximately $1.53 billion (the “Offer Price” or “Merger Consideration”). The Complaint also alleges that the Proposed Transaction undervalues Relypsa’s prospects and is the result of an unfair, truncated and conflicted sale process. Indeed, even after the transaction was announced both Wedbush and Guggenheim put price targets on the Company of $51.00 and $49.00 per share respectively, well above the inadequate $32.00 Offer Price.

This case was voluntarily dismissed on September 12, 2016.