January 20, 2017 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of CoLucid Pharmaceuticals Inc (NASDAQ:CLCD), was announced concerning whether the takeover of CoLucid Pharmaceuticals Inc by Eli Lilly and Company for $46.50 per share is unfair to NASDAQ:CLCD stockholders.

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

On January 18, 2017, Eli Lilly and Company (NYSE:LLY) and CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) announced an agreement for Eli Lilly and Company to acquire CoLucid for $46.50 per share or approximately $960 million.

However, given that at least one analyst has set the high target price for NASDAQ:CLCD shares at $52.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:CLCD stockholders. More specifically, the investigation concerns whether the CoLucid 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 January 20, 2017, CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) shares closed at $46.25 per share.