According to the Complaint, Keryx Biopharmaceuticals, Inc. ("Keryx" or the Company) is a commercial stage
biopharmaceutical company focused on bringing innovative medicines to people with kidney disease.
On June 28, 2018, Keryx and Akebia Therapeutics, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Keryx will become a wholly owned subsidiary of Akebia (the “Proposed Transaction”). Also on June 28, 2018, Keryx and Akebia issued a joint press release announcing the Proposed Transaction.
The Complaint alleges that on October 1, 2018, the Defendants filed a materially incomplete and misleading Proxy with the SEC and disseminated it to Keryx shareholders. The Proxy solicits the Company’s shareholders to vote in favor of the Proposed Transaction. The Complaint alleges that the Proxy misrepresents or omits material information that is necessary for the Company’s shareholders to make an informed voting decision in connection with the Proposed Transaction.