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Case Status:    ONGOING    
On or around 09/04/2020 (Date of last review)

Filing Date: September 04, 2020

According to the Complaint, Pfenex Inc. is a development and licensing biotechnology company with commercial products focused on leveraging its proprietary protein production platform, Pfenex Expression Technology®, to develop next-generation and novel protein therapeutics to improve existing therapies and create novel therapies for biological targets linked to critical, unmet diseases.

This action stems from a proposed transaction announced on August 10, 2020, pursuant to which Pfenex Inc. will be acquired by Ligand Pharmaceuticals Incorporated (“Parent”) and Pelican Acquisition Sub, Inc. (“Merger Sub,” and together with Parent, “Ligand”).

On August 10, 2020, Pfenex’s Board of Directors caused the Company to enter into an agreement and plan of merger with Ligand. Pursuant to the terms of the Merger Agreement, Merger Sub commenced a tender offer to purchase all of Pfenex’s outstanding common stock for $12.00 in cash and one contingent value right (“CVR”) equal to $2.00 per share. The Tender Offer is set to expire on September 29, 2020.

On August 31, 2020, Defendants filed a Solicitation/Recommendation Statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Complaint alleges that the Solicitation Statement omits material information with respect to the Proposed Transaction, which renders the Solicitation Statement false and misleading.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PFNX
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Delaware
DOCKET #: 20-CV-01192
JUDGE: Hon. Richard G. Andrews
DATE FILED: 09/04/2020
CLASS PERIOD START: 08/10/2020
CLASS PERIOD END: 09/04/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Rigrodsky & Long, P.A. (Wilmington)
  2. RM Law, P.C. (Berwyn)
No Document Title Filing Date
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—Related District Court Filings Data is not available