September 9, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Astex Pharmaceuticals, Inc. (NASDAQ:ASTX) shares, was announced concerning whether the takeover of Astex Pharmaceuticals, Inc. by Otsuka Pharmaceutical Co., Ltd. for $8.50 per NASDAQ:ASTX share is unfair to NASDAQ:ASTX stockholders.

The investigation by a law firm concerns whether certain officers and directors of Astex Pharmaceuticals, Inc. breached their fiduciary duties owed NASDAQ:ASTX investors in connection with the proposed acquisition.

On Sept. 5, 2013, Otsuka Pharmaceutical Co., Ltd. and Astex Pharmaceuticals, Inc. (Nasdaq:ASTX) announced that their respective Boards of Directors have unanimously approved a transaction under which Otsuka Pharmaceutical Co. will acquire all of the outstanding shares of Astex Pharmaceuticals, Inc. for $8.50 per share in cash.

However, given that at least one analyst has set the high target price for NASDAQ:ASTX shares at $13.00 per share, the investigation concerns whether the $8.50-offer is unfair to NASDAQ:ASTX stockholders. More specifically, the investigation concerns whether the Astex Pharmaceuticals Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

On September 9, 2013, NASDAQ:ASTX shares closed at $8.73 per share.