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If you purchased shares of Pharmacyclics, Inc. (NASDAQ:PCYC) and currently hold any of those NASDAQ:PCYC shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
March 9, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Pharmacyclics, Inc. (NASDAQ:PCYC), was announced concerning whether the takeover of Pharmacyclics, Inc.. by AbbVie is unfair to NASDAQ:PCYC stockholders.
The investigation by a law firm concerns whether certain officers and directors of Pharmacyclics, Inc. breached their fiduciary duties owed to NASDAQ:PCYC investors in connection with the proposed acquisition.
On March 4, 2015, AbbVie (NYSE:ABBV) and Pharmacyclics (NASDAQ: PCYC) announced an agreement under which AbbVie will acquire Pharmacyclics, and its flagship asset Imbruvica (ibrutinib), a highly effective treatment for hematologic malignancies. Under the terms of the transaction, AbbVie will pay $261.25 per share comprised of a mix of cash and AbbVie equity. However, the investigation concerns whether the offer is unfair to NASDAQ:PCYC stockholders. More specifically, the investigation concerns whether the Pharmacyclics 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.
Pharmacyclics, Inc. reported that its Total Revenue rose from $260.17 million in 2013 to $729.73 million in 2014 and that its Net Income increased from $67.01 million to $86.12 million. Shares of Pharmacyclics, Inc. (NASDAQ:PCYC) grew from $49 per share in late 2012 to as high as $225 per share in late February 2015.
