BALA CYNWYD, Pa., May 20, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of IDM Pharma Inc. ("IDM Pharma" or the "Company") (Nasdaq:IDMI) relating to the proposed acquisition by Takeda Pharmaceutical Co., ("Takeda").
Under the proposed agreement, IDM Pharma shareholders will receive $2.64 for every share of IDM Pharma common stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the IDM Pharma board's approval of the proposed merger. The transaction appears to be unfair, in part, given that stockholders holding 55% of the outstanding shares of IDM Pharma common stock have committed to tender their shares, which may prevent other superior offers from being made. Recently, on March 6, 2009 IDM Pharma received European marketing approval for MEPACT (mifamurtide), a therapy indicated for the treatment of non-metastatic osteosarcoma (malignant bone cancer) following surgical removal of the tumor in children, adolescents and young adults.
If you own shares of IDM Pharma and wish to discuss the legal ramifications of the proposed acquisition by Takeda, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Marc Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.