An investigation on behalf of investors, who currently hold shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX), was announced concerning whether the takeover of Progenics Pharmaceuticals, Inc. is unfair NASDAQ: PGNX stockholders.

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

New York based Progenics Pharmaceuticals, Inc., an oncology company, develops, manufactures, and commercializes pharmaceutical products and other technologies to target, diagnose, and treat cancer cancer in the United States and internationally. Progenics Pharmaceuticals, Inc. reported that its annual Total Revenue rose from $11.69 million in 2017 to $15.62 million in 2018.

On October 2, 2019 -- Lantheus Holdings, Inc. (NASDAQ: LNTH), parent company of Lantheus Medical Imaging, Inc. and Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) announced an agreement for Lantheus to acquire Progenics in an all-stock transaction. Under the terms of the agreement, Lantheus Holdings will acquire all of the issued and outstanding common shares of Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) stock at a fixed exchange ratio. Progenics shareholders will receive 0.2502 shares of Lantheus Holdings stock for each share of Progenics stock. Based on a closing price of $24.03 per NASDAQ: LNTH share, investors in Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) will receive a value of approximately $6.01 per share.

However, given that at least one analyst has set the high target price for NASDAQ: PGNX shares at $14.00 per share, the investigation concerns whether the offer is unfair to NASDAQ: PGNX stockholders. More specifically, the investigation concerns whether the Progenics 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.