BDSI - BDSI Alert: Monsey Firm of Wohl & Fruchter LLP Investigating Sale of BioDelivery Sciences International to Collegium Pharmaceutical
MONSEY, N.Y., Feb. 14, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of BioDelivery Sciences International, Inc. (Nasdaq: BDSI) (“BDSI”) acted in the best interests of BDSI shareholders in approving the sale of BDSI to Collegium Pharmaceutical (“Collegium”) for $5.60 per share in cash.
If you remain a BDSI shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/biodelivery-sciences-international/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com .
Why is there an investigation?
On February 14, 2022, BDSI announced an agreement for Collegium to purchase all outstanding shares of BDSI at $5.60 per share in cash in a tender offer. The agreement has been approved by the boards of both companies.
Our investigation concerns whether BDSI’s board acted in the best interests of BDSI shareholders in approving the sale to Collegium, including whether the acquisition price adequately compensates BDSI shareholders, and whether all information regarding approval of the transaction has been fully disclosed.
In particular, according to an analysis of Wall Street BDSI price targets in the last 90 days published on SeekingAlpha, the 7 analysts covering BDSI have an average price target of $6.79 per share, with a high price target of $10.00 per share, both above the sale price.
Additionally, on December 20, 2021, BDSI announced that the U.S. District Court of Delaware had ruled in favor of BDSI in the company’s patent litigation against Alvogen Group, Inc. The court’s opinion (which can be downloaded at the link provided above), upheld BDSI’s patents covering BDSI’s chronic pain medication, BELBUCA. Accordingly, BDSI expects market exclusivity of BELBUCA against Alvogen until 2032.
Thereafter, on January 20, 2022, BDSI announced it expects 2021 net revenues and BELBUCA net sales to achieve the high end of its previous guidance range, and 2021 EBITDA to come in above its prior guidance range.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com , to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com